TRM Update: David Lee

Formerly part of the HUB24 customer service team, Training and Relationship Manager David Lee is using his working knowledge of platforms and managed portfolios to help NSW advisers extract maximum value.

What is the mood in advice practices currently?

Advice practices are feeling a great deal of uncertainty. Post Royal Commission, there is a lot of pressure on them to make sure they are compliant and adhere to regulations. There are also concerns around revenue models and the cost to serve.

What is their focus?

Day-to-day, advisers are focussed on ensuring SOAs and reviews are all up to date and completed, but more long term, it is about becoming more efficient. Ensuring that clients are receiving and understanding the value they deliver is important.

What are some of things you are seeing in the best practices you work with?

Solid structures, an understanding of roles within a business and a proactive approach to their BAU processes where everyone knows their duties and responsibilities in important in this environment.

Ensuring a high level of service and frequent touch points with high fee paying clients supports the growth strategy of leading practices, as most new clients are from referrals. Further, providing clients with a range of services such as trading, loans and insurance, so practices can be a one-stop-shop for advice is another common growth strategy with joint ventures and referral relationships with accounting firms are an extension of this.

Customer service is a service differentiator for practices who take a proactive rather than a reactive approach. Small gestures such as walking a client to the bank to process withdrawals set them apart and helps them to retain clients and maintain relationships, which in today’s climate is very important.

How are you assisting practices?

I pride myself on providing support and going outside my job description to deliver great service. At HUB24 we focus on understanding a practices processes, and tailoring training to what practices are trying to achieve for their clients. For new practices, this is supporting them through familiarisation of the platform, understanding of how features can improve their existing processes and focus on being available through the onboarding period. After the first few accounts are activated, we schedule another training session to show them the trading and cash sweep functionality, so we are continually looking to value add and to partner with them on their business journey. We commit to a “service promise” which includes regular engagement/training.

What role do you believe you play in maximising the efficiency of practices?

My role is to help advisers achieve the best outcome for their clients in the most efficient way. Showing them capabilities such as automatic investment plans and drawdowns helps them with their clients. Training advisers and helping them to get comfortable with the platform allows them to work more efficiently but in a supported way.