"I just want to spend more time with clients but admin, research and report writing is holding me back."
Case study

Customer profile

Sole trader IFA based in the North of England.

Excellent client relationship built up over years of working in a large national IFA before setting up their own business.

Directly authorised with external compliance support.

Work with a part time administrator.

Intending to grow the business through referrals as a result of delivering an amazing client experience.

Doesn’t want the bother of employing a paraplanner.

Weight of compliance is a worry.

Wants to spend as much time as possible with clients.

Starting to get a backlog with work and worried it will affect client sentiment.

Objective

  • Adviser and paraplanner have a weekly call to discuss work.
  • The Timebank support team transcribe meeting recordings (video or audio) into a consistent meeting note format.
  • The Timebank support team process authority letters and data harvest to obtain policy information.
  • The Timebank paraplanners undertake research and challenge the adviser as a critical friend and agree the way forwards on each case.
  • The Timebank produce reports to present to the client.
  • The Timebank manage the back-office system.
  • The Timebank work to predictable turnaround times.
  • The Timebank deliver high quality of cases.

Delivery

To help the adviser get ahead of themselves rather than chasing their tail all the time

  • Within 3 months, we had helped the adviser catch up with their backlog
  • To prevent a backlog reoccurring, we acted as a quasi-PA, calling the adviser regularly and making sure they were getting through their tasks and not leaving things to fester on their desk.

To work to predictable turnaround times

  • We were targeted to produce transfer cases in 10 days and non-transfer cases in 8 days.
  • We achieved both targets on all cases

To deliver high quality of cases

We achieved an adviser satisfaction grading of 100% of cases as satisfied or very satisfied.

Customer experience outcome and satisfaction

  • We provided the firm with additional time, skills, knowledge and experience so that they could concentrate on more important tasks.
  • This results in the adviser having more time to spend developing the business and sitting down face to face with clients.
  • The backlog was cleared within in a month
  • The firm decided to re-deploy the part time administrator into a client relationship manager role
  • As a result, regular, disciplined client review meetings were organised in advance
  • Business levels have increased
  • The firm may be welcoming a new adviser to join the team soon
  • Clients of the firm continue to receive excellent service

An example of the feedback from the client:

Excellent report- so much better than I could have produced – and explained it perfectly and done in quick time – very happy

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