Three tips for faster advice production

As one of the most significant time investments in the advice process, efficient delivery of advice documents is key to increased capacity.

If we look at the key components involved, from data collection to strategy analysis and the actual document creation, real opportunities exist to boost your efficiency, with the highest-performing advisers being up to three hours faster to completion.

Consistent amongst high performers is the use of tight processes and automation to shave material time from their delivery.

So how do they do it? Consider these tips:

1. Create a technology plan

Nearly half (49%) of Advisely Index participants have consolidated their software usage down to a single platform. As the 2023 Advice Efficiency Report suggests, practices using one application produce new client SOAs faster than those using multiple applications.

Translate those efficiencies to the production of a basic SOA, and you will find that businesses using four or more applications spend 1.5 hours longer producing the document.

Creating a clear technology plan and auditing your tech stack does more than save time. It removes the need for duplicate data entry and reduces the risks that come with it.?

Xplan Hack: Talk to your relationship manager or one of our experts to help optimise your tech stack.

2. Leverage modelling tools

The vast majority of Advisely Index?users (72%) "almost always" use their software in SOA production. Although this is slightly lower than the 2023 industry average (77%), it nonetheless demonstrates the correlation between maximising technology investment and increased advice efficiency.?

By leveraging all the modelling tools in your software, you can boost your efficiency when creating strategy recommendations and reduce the time to create advice documents.

Xplan Hack: Use WealthSolver for portfolio construction, Risk Researcher for insurance cover, Portfolios for consolidated views and Xtools+ for detailed modelling.

3. Streamline workflows

Advisely Index results show that practices entering client data only once produce advice documents in about a quarter of the time compared to those entering data multiple times.

Streamlining workflows ensures everyone knows what data entry tasks are required and when. With task management tools, you can transform this process into a simple, visual experience to align teams, follow up with clients, and track progress.

Xplan Hack: Use Task Hub to easily track all your key workflows visually on one page.

To boost efficiency in advice document delivery, streamline your tech stack, use advanced modelling tools, and streamline workflows. By implementing these strategies, you can fill in your efficiency gaps and improve your capacity to service more clients.?

Want more efficiency shortcuts? Complete the Advisely Index benchmarking tool. In just five minutes, you can see where you stand against the industry's top performers and receive personalised recommendations to get more time back.