My career began in the back office, which seems to be the norm when progressing through the ranks of a financial planning firm.
The years I spent in this role gave me a good guide on how things should be done – from the ground up. The back office is called the engine room for a good reason; without it, we would stall.
I always say that the client services/admin department is the most difficult administration job going around. There are so many (often-overlooked) complexities to this role and an understanding of the financial planning basics is essential.
As an adviser, I’ve found that the efficiency and effectiveness of the back-office team are crucial to the success of the business. We don’t just want to provide quality advice, after all; we also want clients to have a great experience. That’s a team effort.
So: how do we ensure each area of the business is aligned so the “way we do things” benefits all of us? When there is a disconnect, it causes headaches for all parties – including the client.
Here are some of the areas we’ve focused on that have helped us grow, simplify and work smarter. All of it starts by thinking about the client:
A consistent way of operating is key. You will need to map out how your business currently operates and have the back-office team provide input into how things are currently being completed, and how they could be improved. This will give everyone buy-in and increase the likelihood of a successful implementation.
Best practice should be every business’s goal and it needs to be communicated loud and clear. Everyone needs to be consistent – including advisers.
What not to do:
Don’t implement major changes to your business without consulting your team, particularly those who are directly involved with the process. The uptake will be minimal and old habits will creep back in. When implementing change to your business, don’t do it without thinking about how it will affect others.
Communicating within the team builds trust and reduces the likelihood of errors. Being clear and concise in your communication and instructions can save a lot of heartache (and potentially money) down the road.
This kind of communication doesn’t need to be face-to-face exclusively; it encompasses updating tasks with comments, sending courtesy emails to staff and providing feedback. Don’t expect people to read your minds.
As part of our communication approach, we hold a Monday team meeting to outline the past week, current week and what needs to be prepared for the following week. We allocate tasks and hold the team accountable to the work they agreed to complete the previous week.
Encourage a collaborative work environment where team members can share ideas, insights and feedback. Regular team meetings, involvement in decision-making and planning and team-building activities can help build a sense of unity and cooperation.
A lack of collaboration between back office, admin and client services staff can create silos and hinder the overall efficiency of the business. It’s essential to ensure that all aspects of the business are aligned and working towards a common goal.
What not to do:
Don’t silo yourself off from the rest of your team and do your own thing. Go that extra mile and make an additional file note, send your colleague an email or walk into their office to provide them with an update.
Don’t ask staff for feedback and input if you don’t genuinely want it, though. This approach doesn’t fool many and will only stifle communication in the future – the opposite of what makes a good business.
The client experience should be why we do what we do. This makes us stand out from our competitors.
The back-office staff are key to helping solidify a client relationship. Introduce your staff to clients early in the relationship, include them in the initial meeting and have them present. A blind email to a client requesting them to sign and return several documents without an introduction to the sender is a very cold and unengaging way to start your relationship.
After an introduction is made, I can guarantee your clients will be much more responsive to replying or signing/returning those implementation documents that seem to disappear into the black hole. I recommend reiterating this relationship in a welcome document, an annual review document or the annual face-to-face meeting. It’s simple but effective.
The client experience encompasses both physical and digital channels, so make sure you keep your communication clear and concise throughout the whole journey. We send clients automated emails with an update of where they are in the advice process from fact-find to strategy, paraplanning and implementation.
These automated messages are kicked off with a task being updated by staff within our workflows.
Implementation is typically one of the more complex areas of the client experience (and the advice process). We need to remember that there can be weeks between the client’s initial fact-find meeting to the SOA presentation and implementation, so consistent communication is essential here. We email the client throughout each step to keep them in the loop.
What not to do:
Don’t leave the client hanging. Make sure you keep them up-to-date. Where possible, try to automate these regular communications.
However, don’t send your clients emails from staff they’ve never met and expect a timely response.
One of the main areas I constantly work on in our business is maximising efficiencies with repetitive and daily tasks. This can be achieved through automation and reviewing existing processes to make improvements.
Among the best things we did was understand and learn our software in depth, because you don’t know what you don’t know. Once we knew what it was capable of, we were able to apply the power of CRM, so take the time to learn your software and provide training and updates to staff.
Software can provide significant efficiencies to your back-office staff via automation, but it generally isn’t front-of-mind unless you go out of your way to figure out its full capabilities.
Of course, as with any change in your business, adjusting processes based on your software should be considered with the client in mind. What would the client think of your new process? How will it affect their experience?
Seeking client feedback is key; clients can provide excellent insights and assist you in making decisions on what changes would be most beneficial.
What not to do:
Don’t automate a process that needs a detailed or personal touch.
Technology can provide huge benefits to your business, but it can also cause issues with the broader team if you haven’t consulted them on the pros and cons – and whether it’s even required. Find out what works for everyone.
For example, one of the biggest gains for our business has been AI-based file note summary tools. This has provided significant time savings for advisers and also accurate and detailed file notes to assist our back-office staff
Use your technology to automate workflows, emails and tasks. Think about repetitive tasks that can be automated which could free up your staff’s time in other areas. Consult with the experts on how to do this, particularly if your licensee runs your software.
What not to do:
Do not chase the next shiny tech tool. Don’t adopt and implement tech for the sake of it, as it may end up causing more additional work and confusion.
Review your existing tools and see if they are already available within your suite. An example is Microsoft and tools like Forms, which could save you money that would otherwise be spent on Jotforms or Typeforms.
Being in the services industry, we need to aim for a quality offering with excellent communication and seamless implementation, right through to the annual reviews. We can’t do that without an effective back-office team.
Because of this, I think we need to be thoughtful towards others within our business. We need to ask ourselves, “How does the way I’m doing things affect those who are supporting me or working with me?”
