SoAs for simple advice made easy

07 September 2011

Could you be spending too much time preparing statements of advice? Do you use just one Statement of Advice (SoA) master template for all your advice scenarios, regardless of their complexity?

Using a comprehensive SoA template where the scope of advice is limited can be an unnecessarily cumbersome process and potentially add significant costs for your financial planning business.

An alternative approach is the COIN Office QuickPlan solution for your clients’ less complex advice needs.

The QuickPlan module enables users to create statements of advice quickly and easily for simple or limited advice scenarios. QuickPlan uses an intuitive, wizard-based approach to guide the user through the appropriate advice process quickly and efficiently. The end result is a SoA ready to be printed and handed directly to your client. QuickPlan puts client interaction firmly at the centre of the process.

The advice process is tailored automatically through smart questioning – predefined questions and skip logic that you set up and control. This means that users will only see the screens that relevant to each particular advice process, improving overall flexibility and consistency, while minimising adviser confusion.

QuickPlan could save you time when preparing scoped advice. Our analysis indicates that simple advice documents can be generated in as little as 18 minutes using the QuickPlan module.

QuickPlan can benefit a variety of user groups including advisers, paraplanners and phone based users, while also supporting central team control of output and process flow:

  • advisers can provide end to end service with or without the client being present
  • paraplanners can produce SoAs for specific scenarios within reduced timeframes
  • call centres can offer a limited advice process

You may also consider outsourcing more complex advice scenarios to a team of professional paraplanners. Outsourcing can deliver quality improvements as well converting your fixed paraplanning cost into a variable fee that is only incurred when you actually have business to write.

For more information on Macquarie’s paraplanning outsource service, Outplan, please visit our website or email coin@macquarie.com

To find out how your business can benefit from QuickPlan, please speak to your Training and Relationship Manager.