Manually onboarding and engaging with your clients can be a time-intensive task. Not only will you likely go through the entire onboarding process together with your client, but you’ll also need to manually key your client’s information into the many different software providers you use throughout your entire financial planning process.
Our secure Portal makes it easy for you to move towards a digital onboarding process. From sending a digital fact find to digitally exchange documents, we have everything you need to eliminate the time involved with manually onboarding clients and instead make it more efficient and engaging.
In fact, our research indicates that financial advisers who digitally onboard their client using FE Onboard save on average 2 hours per client when compared to using manual processes. A further 1 hour is also being saved by digitally engaging with existing clients for up-to-date information.
This represents a significant saving for a financial adviser, especially over the course of a year. So far during 2022, we estimate we have already saved financial advisers a total of 26,000 hours simply by adopting a digital process. This time saving also represents a significant cost saving, and we expect by the end of the year we will have saved financial advisers roughly £5 million.
How much could you save?
We've introduced a simple calculator, to help you understand how much time your firm could potentially save using our secure Portal. It makes a series of assumptions (which can all be amended to suit you and your firm), but more importantly, it provides you with an estimate on how much time and money could be saved by adopting a digital process.
With our calculator you can easily picture how much time and money you could save simply by using our secure Portal to digitally onboard and engage with your clients. It takes just two minutes to complete and all you need to do is answer a few questions about your firm and your clients.
The calculator assumes an average hourly rate of £150 cost for a financial adviser, and £60 for a paraplanner (FCA, Financial Advice Market Review, 2016). On average there is a 40/60 % split between a financial adviser’s time and a paraplanner. However, the fees can be adjusted in the calculator to match your specific rates.
Here are two examples to help you picture the savings you could make:
Financial Advisers Ltd consists of three financial advisers and one paraplanner.
The average cost of FE Onboard (CashCalc) licenses for this firm is £2,160 per year. Assuming each adviser has 112 existing clients and onboards 20 new clients per year, the projected yearly cost saving is £43,776, saving the firm 456 hours, resulting in a £41,616 potential return on investment.
Benedict Financial Adviser consists of 30 financial advisers and 10 paraplanners.
The average cost of FE Onboard ( CashCalc) licenses for this firm is £21,600. Assuming each adviser has 112 existing clients and onboards 20 new clients per year, the projected yearly cost saving is £437,760, saving the firm 4,560 hours, resulting in a £416,160 potential return on investment.
Digital onboarding with FE Onboard
FE Onboard enables you to securely communicate and share information with clients using bank-level security. With industry standard AES-256 encryption, our Portal is bank-level secure, allowing you and your clients to communicate and share information with confidence.
The Portal can be white labelled with your company branding and is available to download as an app for smartphone and tablet devices.
It’s also worth noting that the potential time being saved by switching to a digital process doesn’t simply stop during the onboarding phase. We strongly believe that digitally onboarding your clients is the key to driving further efficiencies throughout your entire financial planning process.
For example, by digitally onboarding your clients, you’ll be able to send their information to all the other software providers you use via an integration. This not only reduces the need to manually key any of it, but because your clients have provided you with their information, it also retains the information’s accuracy.
If you’d like to learn more about our digital onboarding solution, please visit FE Onboard to discover everything we have to offer. You can also watch the quick-fire video, which explains what a secure Portal is and why you should consider adopting a digital process.
*based on our Return On Investment calculator which uses information from the FCA, NextWealth, Platforum, and our own research/expert opinion.