Financial Advisers can sometimes struggle to provide cash flow management services because they cannot profitably scale administration and client engagement.
Through collaboration and better understanding of the client’s financial situation this challenge can present a huge opportunity for Advisers to scale their business.
Once a cash flow management service has been implemented, actually managing that service efficiently can be challenging.
The examples below show the various situations advisers might find themselves in if they are not getting the most out of a client cash flow service proposition.
Advisers want to implement ‘Cashflow as a Service’ to increase value to clients. They implement a DIY platform but in some cases, find it hard to get clients to engage. The challenge here is the deeper work involved to provide clarity and awareness around current financial realities. And the dilemma, is that whilst helping clients on their day-to-day cash flow is rewarding, it can take the time and focus off the strategic elements of the business that are also needed and they can quickly become overwhelmed.
Clients require engagement and ownership to feel on track and in control based on proactive advice. Some of these clients also need gentle nurturing around their financial realities. Whilst Advisers see the value in their service, they are also very busy people and often lack the time to engage with the clients, as much as they would like to. Sometimes focusing on these fundamental day-to-day activities can feel frustrating and time consuming.
Here we find systems have been put in place and value is being derived from cash flow servicing yet it still requires a reasonable amount of focus and energy from the Adviser. Bottlenecks start to occur in the business due to the lack of insufficient staff, with the right skillsets & enough time to deal with more than 60 – 80 clients, per Adviser. More back office resources are then required to give Advisers more capability, to assist clients on both a micro and macro level. Again, it can feel frustrating for the effort that is being put in.
At this phase, the Adviser understands their revenue model and the benefits of a successful cash flow service in their business, particularly in acquiring new clients from different sectors. However, they are struggling to leverage and expand to service more clients, without getting caught up in ‘low value’ work. Hiring more staff is costly and it can sometimes feel like a glass ceiling has been reached. Advisers recognise that they require more support to enable the business to scale without compromising on client successes. Advisers want a way to take advantage of the higher value advice services that are gained through their cash flow management proposition.
If you identify with the above and are looking to grow your current Cashflow as a Service proposition for your clients, then discover how our service partner, Bill Butler, can provide the solution you need.
Bill Butler offer a collaborative management system that gives Advisers the human resources to help automate and scale their client cashflow service, with client success at the core of everything they do.
If you would like to find out more about this partnership, click here.