Advice Revolution helps firms reduce client book migration time by up to 35%


Adrian Patty

Businesses are struggling with the burden of fulfilling ASIC’s ‘know your client’ obligations in situations where multiple clients simultaneously require advice. These requirements are taking up to 8 Weeks for 100 clients to move from one licensee to another.

Advice Revolution is helping advice firms to retain more of these clients and simplify the onboarding process through their digital fact-finding solutions, with time savings of between 1.5 and 5 hours per client. Businesses who are required to migrate a book of clients, either due to Licensee change or acquisition, are reducing the migration project time for a client book by up to 5 weeks.

Advice Revolution’s client engagement solutions provide a suite of tools to enhance the pre-meeting and in-meeting experience for financial advice clients. Through its two-way data sync with leading advice CRMs such as XPLAN, Advice Revolution enables clients to directly verify existing information prior to meetings, with any changes flowing directly through into the CRM. Since their launch in 2020, Advice Revolution has now integrated directly with the CRMs of licensees including Oreana Financial Services, Centrepoint Alliance, Count Financial and Easton Wealth.

Murphy Hill Private Wealth, part of the Oreana Financial Services network, have saved time and bolstered revenue by adopting Advice Revolution’s suite of tools as part of their business acquisition strategy. Principal Adviser, John Hill, personally provides ongoing advice to 250 clients. He says “The way that it syncs all existing data and enables the client to self-serve saves me between 1.5-2.5 hrs per client. This capability is ideal for the foundational SOA process, with a reduction of weeks from the timeline of migrating a book of clients”.

According to Netwealth, the need for digital fact-finding solutions has never been higher. Their 2021 AdviceTech report found that over 40% of advisers plan on adopting digital fact-finding over the next 24 months, representing the highest planned uptake across all categories of advice technology.

Advice Revolution’s tools have helped advice businesses from over 30 licensees to streamline their processes, improve their client experience and drive significant efficiencies in their back office. This is helping firms to create more profitable and scalable service offerings, while better realising their existing investments in technology and people.

Says Green about the value of digital fact-finding to growth-focused advice practices “We’re proud to have used technology to create a genuine win-win for advice firms and their clients. Not only are our tools helping businesses to save time, reduce costs and grow more profitable businesses, but clients are responding faster and telling their adviser that they actually enjoy the experience”.

These sentiments are echoed by Netwealth’s report, with almost half of under 40s placing the digital capability of an advice firm in their top three reasons for choosing them. Practices using digital data capture solutions also report benefiting from more time with clients, improved affordability of advice, growth in client numbers and increased revenue.

By Adrian Patty, Chief Technology Officer

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