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 time with clients

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

• 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 adviser as a critical friend and agree way forwards on each case
• The Timebank produce reports to present to the client
• The Timebank manage the back-office system
• The Timebank to work to predictable turnaround times
• The Timebank to deliver high quality of cases.

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 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