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Streamlining the Process: Improving Efficiency when Moving from SOA to Implementation

By January 24, 2023No Comments
Streamlining the Process: Improving Efficiency when Moving from SOA to Implementation

One of the biggest pain points for financial advisors has been the process of moving from SOA to implementation, which can often be a bottleneck for advisers, costing time and money for both advisors and clients.

One of the main causes of this bottleneck is usually caused due to a lack of communication and coordination between different parties involved in the implementation process. This can include paraplanners, admin staff, product providers, compliance teams, and even the clients themselves. One of the ways we found that eases this, is having a clear and consistent process in place, that can ensure that everyone is on the same page and that the implementation process runs smoothly.

Another key factor that can contribute to a bottleneck is a lack of organization and efficiency in the implementation process. By having a clear and organized workflow, can ensure that all the necessary steps are completed in the correct order and that nothing is overlooked. Additionally, by implementing tried and tested processes wherever possible, can speed up repetitive tasks and free up more time to focus on the more complex aspects of the implementation process.

More often than not, during the SOA build, most implementation preparation can begin. If done right, this can lead to a point where by the adviser is able to take all/most implementation requirements along with the SOA to the SOA Meeting with the client ensuring a smoother and faster process.

At Advice Lab, we aim to link the process between SOA build and implementation as much as possible, thereby enabling a more efficient outcome for the adviser & their client, with much less back and forth and having everything ready to go for the client.

A caveat is though that it is important that everyone involved in the implementation process is up-to-date with the industry/compliance changes and regulations that might impact the implementation. This is to ensure that the implementation process is compliant and that the adviser and the clients are comfortable that quality has not been sacrificed for time.

Therefore it is important to review the implementation process and make changes as necessary. By regularly reviewing the implementation process and identifying areas that could be improved, each outcome is compliant, advisers can ensure that the process is as efficient as possible.

In conclusion, the bottleneck from SOA to implementation can sometimes be a major issue for financial advisers costing time and money. However, by ensuring clear and consistent communication, having a clear and organized workflow, implementing correct processes, staying up to date with industry/compliant changes and regulations, and regularly reviewing the process, this bottleneck can be solved and provide the best possible outcome for all involved.

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