During client meetings, it is important that financial planners are able to capture all necessary details to help them understand the client’s position. However, usually, some details are left out when planners jot down notes. They may also miss out on the client’s tone, body language and other signals that may be relevant when they focus more on writing down instead of actually listening. One way to make sure they do not miss anything in the client engagement meeting is to create a file note.

A file note is an important document that help financial planners with data gathering and documentation. It is also used to record important details in client meetings. File notes can then be transcribed by Financial Planning Assistants to be used later on for evaluation and analysis during the advice process.

Below is a 2-part video series to help you get up and running doing audio file notes. In this video, we will cover the best software to use and basic principles for effective notes.

I’ve spent 8 years of my life working in a call center industry. Talking and working with clients from around the globe and always finding solutions to resolve their technical issues. Awarded as a top support for providing exemplary service and being an expert in leaving positive impressions, still had me feel unsatisfied.

I thought I would be feeling that for the rest of my life.

While enjoying motherhood, the story of my life went on and I found VBP along the way. I was assigned as a dedicated CSR to clients who opened my eyes and made me realize that I still have more to give – that I am capable of doing more than what I have achieved.

Building trust is never easy, especially if you’re miles and miles away from your clients. It’s normal for them to be skeptical and not fully give you their confidence at first.

That’s what it was like when I first started working with Prime Partners.

They were guys who never had experience with outsourcing. So during my early days, I was keen to prove to them that I am worthy of their trust – giving my best in everything, while highlighting that I am willing to learn.

True enough with the saying “sow the seeds of hard work and reap the rewards of success”, I slowly earned their confidence and it’s been self-fulfilling, knowing that my hard work didn’t go unnoticed. It’s flattering to know straight from the directors, that I got them to believe in this kind of business and acknowledged that they made the right decision because of my performance.

Every CSR must remember that it is our responsibility to make our clients feel that they have someone whom they can rely on. It is expected that we give them that assurance – that aside from working hard, we also have that appetite to learn new things.

We do not have daily huddles, no video calls. Only rare quick conversations over the phone. However, we’ve built a special relationship – even though we mostly communicate through emails, there’s that feeling that I am valued as a person.

When tasks are given, I always make sure that I understand them and if not, I am honest enough to let them know. They always remind me not to be afraid to ask questions because no matter how busy they are, they always make time to explain further until I understand what I need to do.

While we are all busy doing our own jobs, I still go out of my way sometimes to learn more about their personal lives. I know when their birthdays are, to make sure I prepare something for them, at least in ways they would feel valued and cared for. I got the chance to know some of their family members, their hobbies, their favorite NRL teams, even the places they’ve been to! They are not required to share all of these with me, but they are willing to build a strong relationship, that they are keen to share a few pieces of their life stories with me.

They are men of few words. But, they never fail to commend me and show their appreciation for a job well done.

Being a CSR is a smooth sailing job if you just stay calm despite pressure. Always have that attention to detail and if you make mistakes, be humble enough to accept correction and carry on with your job.

I consider that being a CSR at VBP is a privilege.

VBP gave me a second home that helps us deliver high quality work to clients and have provided us the resources to be comfortable in doing our jobs.

Being awarded as the Employee of the Year is something I didn’t expect, yet it’s something I will remember for the rest of my life.

For me, the award is a message to all CSRs – to always believe in yourself. This is for those who are silent but are doing their job well and maybe thinking that their hard work are unnoticed.

I was in that situation too.

But when you believe that you have done enough to deliver good service to your clients, always remember that your success will speak for your silence and it will return rewards when you least expect it.

As a result of the recent FOFA reforms and requirements of Fee Disclosure Statements and Best Interest Duty, advisers are reporting that the compliance requirement to provide ongoing advice to clients is far more : oncurious, at a time when pricing of advice is under pressure.According to Bstw Industry benchmark report, even prior to the new legislative requirements taking effect in July 2013, the average financial planning firm was only experience annual sales growth 7.8% 1. Average net profit was 23.2%, (which is low due to the higher cost of wages and on costs).

• The average wages as a % of Sales = 41.6%.
• In contrast, the top 20% of firms surveyed have a net profit greater than 30% and a lower wages cost as a % of sales,being able to get more productivity from their employment expenses.

When you include the Total Employment Costs (TEC) (i.e. super, workers comp., payroll tax, cost of seat, benefits etc.), we estimate that the average financial planning firm is allocating more than 60% of their revenue to employee relating costs. In recent time we have seen this figure increase as firms have to absorb the growing costs of providing advice, as it has been difficult to pass this costs on to clients.

The key metrics that an Advice Firm therefore should measure and be focused on are:

• Revenue per TEC (Total Employment Cost) and
• Profit as a % of TEC

¹ _{Source: Bstar Industry benchmark report for the period Sept. 2010 to Sept 2013 for financial planning firms with a turnover range of $1m – 2.5m}