Financial planning software is now your biggest asset


Over the last couple of years, how we worked changed dramatically.

Boardroom meetings were replaced with Zoom. Face-to-face project updates were replaced with long email chains. Watercooler conversations and office banter were replaced with silence. But with those changes came some positives. We no longer had an often-gruelling commute consuming our mornings and evenings. We spent more time with our families. Our work-life balance tilted in our favour.

Amongst all the changes and challenges, for every financial planning business, one thing has become abundantly clear – investing in the right financial planning software and its implementation is vital for a successful future.

Here’s why.

It fills communication gaps caused by remote/hybrid working

Getting timely updates and information on tasks used to be a simple matter of walking to someone’s desk and having a conversation. With a lot of offices partially or wholly empty due to hybrid work situations, getting the information you need when you need it isn’t as simple.

Comprehensive software systems such as XPLAN allow you to assign tasks, update progress, and communicate across different projects and client portfolios. The platform is instant, targeted, and fills the communication gaps caused by remote/hybrid working.

It automates processes to increase efficiency

Providing financial advice involves a lot of administration and diligent record-keeping. Historically, that often-required time-consuming manual processes such as uploading client file notes, generating ad-hoc reports, and checking data feeds.

Financial planning software can automate a lot of previously manual processes to save hours of tedious administration, make hitting deadlines easier, and streamline your ability to produce accurate and timely FDSs for clients. With features such as generating document templates, uploading bulk file notes, and creating other automated workflows, the right advice software allows you to work more efficiently for your clients.

It reduces compliance risks for your business

Human error is inevitable, but not unavoidable for some tasks.

When relying on a staff member to accurately input data, keep records, retain files, send reports, keep client notes, hit deadlines… a lot can go wrong. That person may fall ill, resign, make mistakes, or have their own unique workflow process that no one else is privy to or understands.

Financial planning software can mitigate some of that risk by creating a universal workflow, automated record keeping, and timely and accurate project tracking and report generation so the entire responsibility isn’t exclusive or contingent on just a few people.

It’s customisable to suit your business’s needs

Many businesses employing industry-designed software make some common mistakes with its use. They don’t utilise its full capability, they don’t realise it’s customisable, and they don’t seek help to properly implement and integrate it into their workflow processes.

Any financial planning software worth its weight is customisable to fit within your practice. It allows you to build, review, and analyse client portfolios in a way that is as complex or simple as you need it to be and can create a platform that ticks all the boxes for the way you want to operate as a business. Once you’ve established what you need it to do, the next vital step is seeking an experienced consultancy to work out the details, customise the software, help you seamlessly implement it, and provide ongoing support for you in its use.

It supports central workflow processes

Every staff member is different. They have their strengths, challenges, and individual way of working. It’s what creates a dynamic and lively workforce. Unfortunately, with different personalities comes different operational preferences. One person may keep diligent file notes while the other lags in administration. One may prefer to communicate updates via email while the other wants to pick up the phone instead. Soon enough, your workflow processes are all over the place and information is lost, misplaced, miscommunicated, and you’re scrambling for answers.

Professional implementation of financial planning software can create one centralised workflow process for each task, project, or best practice policy. Done right, it means all your staff are properly trained in its use, have access to process manuals and ongoing support, and all the workflow chaos is reined in and organised in a way that is accessible for everyone.

It enhances your client relationships

In the past, the client-adviser relationship has had its ups and downs with communication challenges, restricted availability for in-person meetings, outdated information delivery, and other complications that can put a strain on things.

Financial planning software systems such as XPLAN cover end-to-end use. From the backend, it supports all your client relationship management needs. From the front end, it changes the way you interact with your clients and allows you to adapt your service delivery in a way that suits them. You can schedule, record, and conduct client meetings on its virtual platform instead of navigating work schedules, holidays, traffic, and general schedule conflicts. You can provide them access to valuable resources and content specific to your brand and at their own pace. You can develop templates for important documents and information streams. You can generate automated reports for clients to access and give them updates in real-time. Its capabilities can change the way you work forever.

Whichever way your business has been operating in the past, financial planning software is undeniably the smarter future.

James Blanton

National Account Manager
p: 1300 720 276
m: +61 401 440 337
a: Level 8, 309 George Street, Sydney NSW 2000