Know Your Client
When you unpack the client take-on process you identify four forces:-
The client wants the firm to start work immediately once they have given the go-ahead.
The Government wants the firm to carry out a series of regulatory compliance checks
The firm wants to understand the risk of working with the client on the service
Everybody wants the process to be as cost-effective as possible.
To ensure that the profit can be realized at a viable level. It's just the perfect storm.
80/20
Not an immutable law of nature but very important that platforms allow a firm to grasp those clients that require the right focus and attention.
Client Journey
Clients are constantly changing the way they make decisions as well as when and how they contact their advisor. Knowing your blind spots and maximising the right touch points is critical.
Strategic Consulting
Enabling clients to plan and implement solutions to help companies develop more efficient business practices and increase the company's profit margin.
Performance Management
Management reporting and financial analysis tools, which help assess business performance, monitor trends and identify improvement opportunities with be critical for enhancing client relationships.
Increasing wallet share and client retention
Organisations experience more success with CRM programs and direct marketing when they embrace Client Experience Management as an extension of their current client centric programs.
The Problem
- Client take-on checks are not taken or are commenced long after work starts creating regulatory risk
- The monitoring systems that are used are frequently based in spreadsheets and are not connected to the CRM platform
- Rule and processes are not followed and audited for correct compliance
- A fee is created for a client without the client take-on process having been finished.
- The firm cannot provide evidence of a sound system in place that is managing client take-on processes when audited external parties.
The Solution
- The firm cannot provide evidence of a sound system in place that is managing client take-on processes when audited external parties.
- Ensuring that as much of the data gathering work is happening through the life of the business development process.
- Using technology to ensure that the processes and rules are followed and cannot be circumvented.
- Ensuring that as part of each process step or rule there are preset gateways to external sources that allow access to data that satisfy the checks being made.
- Having a client take-on module that has tight automation between internal and external systems.
- A system that recognises that each firm will have their own specific requirements
Symphony solutions to solve this
Tax, Accounting, Audit
Digita, CCH
Document Management
iManage, Virtual Cabinet, Box
Outlook & Office
Emails, Meetings, Tasks
Other Data Sources
Companies House, Pardot, Salesforce.com, SymphonyCRM
Get in touch today
Talk to us about getting your software application platforms working together to support your firm’s organisational objectives and strategic goals…