Client and business benefits driven by HUB24 Present: A case study

“Time is precious.”
“Time is money.”
“Time is your most valuable resource.”

These phrases often ring true for financial advisers and their teams, especially in an environment of increased administrative complexities and compliance requirements.

On average, advice practices spend one to seven hours
preparing client reviews.

Often, that prep time involves significant manual effort: gathering data from various sources, re-formatting and reviewing reports for accuracy before presenting them to clients in a review meeting.

The challenge: Preparing accurate and engaging client reviews efficiently

For Perth-based boutique financial advisory practice Pario Financial Management, the time required to create client reviews was significant. At times, the team spent 14 hours preparing a single report for clients with more complex family accounts. The team also acknowledged the following challenges:

• Data quality: The team felt that the data received from their wealth tech provider wasn’t the best quality.
• Clients couldn’t easily understand their reports: The graphics, data and information presented was hard for clients to understand, so the Pario team spent a fair amount of time in each review meeting answering questions and explaining the information in a client-friendly manner.
• Pressures on business resources and capacity: The administration, preparation and live presentation of reports took away time from advisers and staff to focus on other matters.

The solution: HUB24 Present

We recently invited the Pario team to participate in a beta group to help design and test a new feature in the HUB24 platform called HUB24 Present. HUB24 Present empowers advisers to deliver interactive client presentations with live platform data, focusing on simplicity and engaging visuals.

The results: More time to engage with clients and focus on what matters most to them

The Pario team started using HUB24 Present in their client meetings and quickly recognised some of the benefits, including:

• Time saved: With HUB24 Present, the team can now complete the whole process of preparing for client reviews in about 20 minutes.
• Greater confidence in reporting: Because HUB24 Present uses live data from the HUB24 platform, the Pario team felt more confident in its accuracy.
• Easier to understand presentations: The Pario team recognised that HUB24 Present makes it so much easier to tell their clients’ investment stories.

“Clients get it. They understand the graphs, charts and what the data is portraying about their investments.”

Brendan Bate, Adviser, Pario Financial Management

• Engaging clients with interactivity and flexibility: With HUB24 Present, the Pario team can change some key variables to answer clients’ questions or cover different scenarios – such as changing the time periods or number of accounts shown in  a family group. HUB24 Present is flexible – it can be used online in live or virtual client meetings. Presentations can also be downloaded in PDF format.
• Demonstrating the value of advice: Pario’s overall Net Promoter Score is 20% above their dealer group’s average—a testament to the advisers’ strong client relationships. In the latest survey, one of their clients commented on “the new, visual reports that are easy to understand.”
• Increased capacity to focus on what matters to clients: Because the Pario team is spending less time explaining investment reports during review meetings, they have more capacity to ask clients what else is going on in their lives. This has empowered them to forge deeper relationships and conversations about holistic wealth planning.

“Using HUB24 Present has fundamentally changed the way we interact with our clients. It’s streamlined the investment conversation…which makes each meeting a lot more efficient. We can spend 20 minutes talking about investments and 40 minutes having more deep and meaningful conversations with clients about what’s happening in their lives. We’ve found these conversations more valuable.”

Brendan Bate, Financial Adviser, Pario Financial Management

Special thanks to the Pario Financial Management team for their participation in this case study. To learn more about Pario Financial Management, visit their website.