Summary
Fact Find enables tailored data collection with templates for different client stages.
You can build customizable templates for initial consultation, holistic data gathering, and annual review.
Streamlined, automated processes reduce errors and save time.
Description
Timeline's new Fact Find is designed to revolutionize how financial advisors gather and update client information. By leveraging customizable templates and automated processes, advisors can ensure they collect the right data at the right time. This article will help you better understand how to best use the Fact Find at different stages of client onboarding and ongoing relationships.
Critical questions before building templates
Before building the Fact Find templates, advisors need to ask themselves several key questions:
At what specific moments of the client relationship do I gather data? Some examples would be before the initial discovery meeting, after the discovery meeting, every annual review, etc.
What specific information do I need to collect at each stage of the client relationship? What is the objective? You may want to gather details to build a cashflow projection and assess their tolerance to risk or KYC & AML checks.
What are the regulatory requirements for data collection, and how can I ensure compliance through my templates?
How can I tailor templates to address the unique needs of different clients? Some examples would be clients in accumulation vs. decumulation, clients with complex financial situations versus those with simpler ones, etc.
How can I design the templates to be reusable and adaptable for future use, ensuring consistency and efficiency across all client interactions?
Example
Let's consider a practical example to illustrate how these templates can be used throughout the client lifecycle:
Template 1: Client discovery meeting
Objective: Create a financial plan without asking for too much information.
Description: Before the discovery meeting with the client you want to gather quick facts. This includes their Date of Birth (DoB), sex, basic contact details, and hard data such as income sources and spending. This foundational information allows you to start building a financial plan.
Template 2: Holistic Data Gathering
Objective: Gather all information needed to prepare a holistic financial plan and meet compliance
Description: Once the initial data is collected, you move on to a more in-depth data-gathering session. Using the holistic template, you ask detailed questions about their health, financial goals, income sources, protection needs, estate planning, expenditure, etc. This information helps you really understand client needs and meet compliance.
Template 3: Annual Review
Objective: Update information without asking unnecessary questions
Description: A year later, you schedule an annual review with the client. You use the annual review template to update any changes in their circumstances. This includes asking about changes in spending, new financial goals, and updates to income sources. By keeping their information current, you can adjust their financial plan to reflect their evolving needs.
Conclusion
The Fact Find in Timeline is a game changer for financial advisors. By using tailored templates at different stages of client onboarding and ongoing management, you can ensure efficient, comprehensive, and accurate data collection. This not only saves time and reduces errors but also helps you provide better service to your clients.