Advice Intelligence

Calculate your cost benefit by utilising a.i.

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Efficiency & cost benefit

The Practice Efficiency Calculator is a practical approach to calculating common inefficiencies (pain points).

It can be used as a practice improvement program by using your baseline or industry benchmarks (depending on which metrics you use). It will calculate the inefficiencies within your practice vs the efficiencies gained by using a.i.'s financial planning software.

It helps determine the 'pain of staying' vs the 'pain of moving'.

Goals

Your goals are supported by your strategic drivers that guide your practice towards a better way of doing things. We want to understand your goals so that we can help you achieve them, much like how you help your own clients achieve their life goals.

There are three main goals we work on.

Client engagement - better engage with your client's and help them to achieve their goals.

Growth - increase your ability to scale, see more clients.

Efficiencies - lower your costs to provide advice.

Pain points

Pain points are described by how much disturbance your practice is going through - key problem statements. These are usually defined as inefficiencies within your practice's process.

By identifying your pain points, we can help you to determine how much time and effort they are costing your practice.

Calculate your business & cost benefit below

This tool will identify the areas where a.i. can make improvements. 

We help you gain efficiencies over time, enabling you to scale and grow. This includes the net effect of customer satisfaction and advocacy.

Each goal is usually blocked by a pain point. Our aim is to help you remove these blocks so that you can achieve your goals.

Note: The Practice Efficiency Calculator has been designed to be completed once. If you want to create more than one report, then you will need to complete the calculator a second time in another web browser with a different email address.

Practice efficiency calculator

Tell us about your practice

What is your vision statement?

Tell us about your practice

Rate the goals in order of importance to you?

Tell us about your practice

How many financial advisers do you have within your practice?

0
1000

Tell us about your practice

How many paraplanners do you have within your practice?

0
1000

Tell us about your practice

How many support staff do you have within your practice?

0
1000

Tell us about your practice

How many SoA's does your practice produce per month? (If you enter 0 - your cost benefit will not calculate)

0
1000

Client data collection

What is the average fall-out rate for a client to complete a fact-find

%
0%
100%
* Enter baseline percentage or - use Industry benchmark  

Client engagement

What is your initial meeting client conversion rate

%
0%
100%
* Enter baseline percentage or - use Industry benchmark  

Client engagement

Client experience & engagement

* Enter baseline percentage or - use Industry benchmark  

Client engagement

What is your average adviser-client facing time per week?

%
0%
100%
* Enter baseline percentage or - use Industry benchmark  

Paraplanning

Do you use paraplanning outsourcing?

Yes
No

Paraplanning

Dollar amount

Cost for Single Strategy SOA
Cost for 3 Strategy SOA
Cost for 5+ Strategy SOA
* Enter baseline percentage or - use Industry benchmark  

Paraplanning

What is the average time to produce a Basic (single strategy) SOA
Assumptions: Client fact find and paraplanning request are complete.

 
Hours
Rate
Adviser
Paraplanner
Admin
* Enter baseline percentage or - use Industry benchmark  

Paraplanning

What is the average time to produce a Standard (3 strategy) SOA
Assumptions: Client fact find and paraplanning request are complete.

 
Hours
Adviser
Paraplanner
Admin
* Enter baseline percentage or - use Industry benchmark  

Paraplanning

What is the average time to produce a Comprehensive (5+ strategy) SOA
Assumptions: Client fact find and paraplanning request are complete.

 
Hours
Adviser
Paraplanner
Admin
* Enter baseline percentage or - use Industry benchmark  

Client reviews

What is the average time to prepare a client review (track goals, cashflow, portfolio, super and investments)

Hours
Rate
* Enter baseline percentage or - use Industry benchmark  

Please provide your name and email address to save your results (please note: gmail addresses are blocked)

Your Practice Efficiency Report can then be viewed and revisited

Practice efficiency report

This report provides you with a Practice Efficiency score across each area within your advice process. It identifies where you may have inefficiencies and how a.i. may help you lower your advice costs and scale for growth.

Your vision statement

About your practice

0
Advisers
0
Paraplanners
0
Support staff
0
SOAs per month

Your practice goals

1. Growth.  2. Efficiency.  3. Client engagement

Practice efficiency results

Client data collection

 
Your benchmark
Advice Intelligence benchmark
Efficiency optimisation
Average fall-out rate for clients completing a fact-find
14%
5%
9%
9% increase in client engagement to complete a fact-find

Client engagement

 
Your benchmark
Advice Intelligence benchmark
Efficiency optimisation
Initial meeting client conversion rate
12%
38%
26%
26% increase in client conversion
CSAT: Your client advice experience rating.
(1. Very unsatisfied 2. Unsatisfied 3. Neutral 4. Satisfied 5.Very Satisfied)
4
5
1
1 point gain in your CSAT score
NPS: Likelihood of your client recommending your practice.
(1 very unlikely - 10 highly likely)
3
7
4
4 point gain in your NPS score
Average adviser-client face time per week (client facing vs admin)
24%
70%
46%
46% increase in adviser-client facing time

Paraplanning

 
Your benchmark
Advice Intelligence benchmark
Efficiency optimisation
Cost of a single strategy SOA
$205
$35
$170
$170 saving for a single strategy SOA*
Cost of a 3 strategy SOA
$375
$53
$323
$323 saving for a 3 strategy SOA*
Cost of a 5+ strategy SOA
$615
$70
$545
$545 saving for a 5+ strategy SOA*
*Calculations use either your own practice baseline inputs or industry benchmarks.

Client reviews

 
Your benchmark
Advice Intelligence benchmark
Efficiency optimisation
Average time to prepare a client review (track goals, cashflow, portfolio, super and investments)
$70
$0
$70
$70 saving for client review preparation

Your practice efficiency summary

By utilising a.i. your practice could increase it’s efficiency by up to 27% on average and save $0 a year on SOA production.

a.i.'s WealthMap™ takes paraplanning out of your advice process. And our WealthApp™ provides clients with real-time transparency to their advice, services, fees, goals, cashflow and portfolios.

Your practice has the opportunity to enter into a whole new world of increased client engagement and advice efficiency, leaving you time to focus on growth.