Are you undertaking regular client KiwiSaver reviews?

Client reviews are often pushed to the backburner, especially if they are a lengthy manual process. Are you disadvantaging your business more than you realise by not doing them?

Monday, September 12th 2022, 6:00AM

Revisiting a client’s details, risk profile and KiwiSaver contributions whilst reassessing their current KiwiSaver plan and providing a trail of this can seem like a daunting task. It can seem as though you are starting from the beginning with a client, but it doesn’t have to be time-consuming and undertaking a review has several benefits.

The benefits of regular KiwiSaver reviews

Relationship building and client retention

You might have heard the old rule of thumb that it costs five times as much to get a new client than it does to keep a current one. One way to increase client retention is to build positive relationships with your clients, and a regular review gives your client peace of mind that you are keeping an eye on their investment and builds perceived value.

Ensuring you provide the best advice

Buying your first house, getting married or career advancement amongst other big life events, all influence your clients’ financial situation. However, notifying your financial advisor of these events is often not front of mind! Regularly checking in with your clients about any changes to their financial situation is important to ensure that they are receiving the most appropriate advice for them.

Opportunity to cross-sell

A review can offer the opportunity to cross-sell some of your other products that your client may benefit from. For example, KiwiSaver clients can be offered insurance or other investment products.

Meeting compliance requirements

Having a review process with an auditable trail of your business undertaking this process is a key requirement for compliance. This can seem like a complicated process but can be simplified with an automated digital review process.

Automating your KiwiSaver review process

Automating your review process provides additional benefits to those stated above. Automation can simplify the review process by splitting it up into smaller tasks, which makes it easier for both advisers and clients to complete.

Another benefit of automating the process is saving time. Being able to set an automated reminder that a review is due allows you to schedule a review at a time that suits you, perhaps a quieter time of year. You will also reduce the time spent manually tracking who has and hasn’t had a review.

Using a digital solution

Using a digital solution can also save you time. Look for a solution which steps you through the review process, includes the ability for clients to update their details themselves, helps you compare and recommend plans, and documents all these steps for compliance.

OMNIMax’s KiwiSaver Review

Our KiwiSaver Review feature allows financial advisers to automate their review process and ensure their clients are offered regular input into their KiwiSaver.

For more information about KiwiSaver Review, get in touch with Jonathan or Greg at sales@omnimax.co.nz or 03 377 5906 or visit https://omnimaxsoftware.com/our-kiwisaver-advice-plans/.

Tags: OMNIMax