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Simplifying policies and aligning human resources for a mid-tier licensee
The Challenge
The licensee struggled with a policy and governance manual that was overly complex and filled with legal jargon, leading to low readership and confusion among advisers. Further to that, paraplanning turnaround times had extended to 25 days.
What We Did
1. Simplified policy manual
We restructured the policy manual into accessible sections, each featuring clear standards alongside practical tools and resources. Our priority was a straightforward, principle-based guide, complemented by training materials to help advisers understand the documentation needed to demonstrate compliance.
2. Paraplanning outsourcing
We facilitated a Request for Proposal (RFP) process to outsource paraplanning services. By managing a competitive selection process for a new provider, we ensured a smooth transition that alleviated the workload on advisers and in-house paraplanners.
3. Policy rewriting and implementation
Recognising the need for updated policies, we collaborated with the client to rewrite existing policies, encouraging them to critically assess and modernise their positions. We managed all aspects of this change, ensuring new policies were effectively integrated into the business.
4. Team reorganisation and training
We supported the reorganisation of the head office team and provided training for licensee staff, equipping them with the skills necessary to sustain improvements long after our involvement ended.
The Outcome
Our initiatives led to positive feedback from advisers regarding the clarity and accessibility of the new policies and training materials. This contributed to a significant improvement in audit results and boosted adviser confidence and engagement. Paraplanning turnaround times decreased from 25 to 15 days, all while maintaining strong in-house quality assurance. The licensee expressed interest in ongoing support to further enhance their operations, recognizing us as integral partners in their success.
By implementing a streamlined approach, we achieved a 40% improvement in paraplanning.