Enhancing Adviser-Client Communication and Adding Value: The Weparaplan Approach

The FCA states in its guidance for the Consumer Duty: “Firms will need to develop a strategy to gather the relevant information and data to inform their assessment of whether they are delivering good outcomes for customers and to meet their governance obligations. We expect firms to continually review and develop their frameworks.” Financial advisers can evidence their value to clients in several ways to align with consumer duty, and this week’s newsletter explains how Weparaplan can help.?

Paraplanners play a significant role in facilitating effective client communication. They assist financial advisers by preparing clear, concise, and comprehensive reports that outline the client's current financial status, future goals, and proposed strategies to achieve those goals. These reports are a vital communication tool as they help translate complex financial concepts into digestible information, enabling clients to make informed decisions. Additionally, we can act as a liaison between the client and the adviser, handling basic inquiries and gathering essential data, thus ensuring the adviser is fully equipped with all necessary information when they communicate directly with the client. This efficient and organized communication process ultimately leads to higher client satisfaction and trust.

At Weparaplan, we believe in the power of effective communication between financial advisers and their clients. We understand the importance of conveying complex financial matters in clear, plain language. This is why we assist advisers in evaluating their communication efficiency through regular client surveys. These surveys serve dual purposes - rewarding advisers who excel in communication, while also providing constructive feedback to those who need to improve.

Regular reporting is another cornerstone of our approach. We encourage advisers to provide frequent updates on the performance of the client's portfolio, tracking progress toward the client's financial goals. We firmly believe that firms should not limit customer outcome reviews to once a year. Instead, constant monitoring to identify potential issues early is key. To support this, Weparaplan helps firms build online dashboards displaying key customer outcomes. These dashboards, updated regularly, provide crucial data for routine updates. For larger firms, these dashboards can provide real-time or near real-time views, facilitating timely decision-making.

At Weparaplan, we've accrued extensive knowledge in applying Consumer Duty, and we're passionate about sharing this knowledge to help firms enhance their practices. This blog post is just a starting point. If you'd like to delve deeper into these topics or discuss your strategies to evidence value, please don't hesitate to get in touch. We're here to help. ?