BLUECHIPPRACTICE
BLUECHIPPRACTICE MANAGEMENT | OperationsMapping your advice process:the most important thing you can do in 2025If your advice process has evolved over time without a structured review, chances are it’s inconsistent andholding back your business growth. We recently undertook the task of mapping our advice process, and ifthere’s one thing we learned – it should have been done years ago.Like many financial planning businesses, our processdeveloped organically, shaped by changing regulations,technological advancements and advisor preferences.While it met compliance requirements, it lacked efficiencyand scalability. If you’re considering doing the same, be prepared –this is not a quick exercise. With competing priorities, it’s unrealisticto expect to complete it overnight. In our case, it unfolded over sixmonths, following these structured steps:1. Establishing a research base• Literature review. We examined local and international bestpractices.• Industry engagement. We consulted with firms, both locally andglobally, to understand their processes.• Internal stakeholder input. We gathered insights from senioradvisors, administrators, marketing and operations teams.• Industry events. We attended presentations on emerging trendsand strategies.2. Mapping and optimisation process• Mapping our “best house view” process. We defined our ideal,repeatable process to establish a baseline.• Identifying essential tools. We assessed the technology andresources required.• Scrutinising each step. We interrogated every stage to optimisefor efficiency and client experience.• Developing supporting materials. We built guidelines, scriptsand templates.3. Implementation and continuous improvement• Presenting and training. We introduced the new process to theteam and provided training.• Monitoring and refinement. We established an ongoing reviewmechanism to ensure continuous improvement.The surprising gaps we foundMapping the “best house view” process across a medium-sizedbusiness (28 advisors across three financial service providers)revealed striking inconsistencies – even within the same firm.Expectedly, younger advisors were more reliant on technology,while senior advisors leaned on traditional methods. However, whatwas surprising was how effective many senior advisors’ processeswere in comparison. Their success came down to discipline – havinga structured, repeatable process that had become second nature.What stood out most was the stark divide between clientretention and client acquisition strategies:• Senior advisors focused primarily on existing clients, drivingretention and deepening relationships.• Younger advisors, still building their client base, were left to figureout client acquisition on their own.While both are critical to business growth, we realised that client42 www.bluechipdigital.co.za
PRACTICE MANAGEMENT | OperationsBLUECHIPacquisition was the missing link. Without a structured acquisitionstrategy, growth is slow and newer advisors struggle to gaintraction. By mapping our process, we created an opportunity todesign a repeatable, scalable approach for attracting new clients– one that ensures the sustainability of both individual advisorsand the business.The real value of advice: it’s not about the productA major takeaway from this process was that advisors can struggleto clearly articulate the value they provide. If advisors are unsureof their value, selling their process becomes significantly harder.The industry still grapples with an outdated mindset –equating an advisor’s worth with the products they sell. Yet,studies from institutions like Vanguard and Russell Investmentsconsistently show that the real value of financial planning lieselsewhere, such as in:• Behavioural coaching. Helping clients to manage emotionsand stay disciplined.• Active rebalancing. Ensuring portfolios remain aligned withlong-term objectives.• Customised family planning. Addressing intergenerationalwealth transfer.• Tax planning. Minimising tax liabilities through strategic planning.The financial planning industry must shift its focus. Our productis advice. Investment and insurance products are simply toolsto implement that advice. We packaged these important valueaddedservices and trained our advisors to communicate themmore effectively.Sales and communication: the underrated skillsetAs we refined our process, another issue became clear: too littletime is spent training advisors in sales and communication skills.The word “sales” carries a negative connotation in our industry,often associated with aggressive product pushing. Yet, ethicalpersuasion is a fundamental skill for any financial planner. AsRichard Mulholland puts it in Here Be Dragons, “To sell well is anoble craft. We should all sell with pride.” Technical expertise isessential, but it’s not enough. Advisors need to:• Communicate complex ideas simply and persuasively.• Build trust through clear and engaging conversations.• Guide clients toward positive financial decisions.Newer advisors focus their conversations on themselves or theirfirm trying to sell themselves rather than demonstrating anunderstanding of client needs. We prioritised training in activelistening and client engagement skills, drawing on techniques fromChris Voss’ Never Split the Difference, such as mirroring, labelling,paraphrasing, summarising and using effective pauses.By treating these soft skills as equally important as technicalknowledge, we strengthened our advisors’ ability to connect withclients and improve engagement.The power of first impressionsOnce we mapped our advice process, we had the opportunity toscrutinise every interaction – especially the initial client call andfirst meeting. One of the biggest insights? The first conversationdetermines everything. If advisors mishandle the initial call, theyrisk being perceived as product pushers rather than trustedprofessionals. We refined this process by breaking down the firstclient meeting into micro-steps designed to:• Build rapport and establish trust from the outset.• Deliver a clear and compelling message about the value offinancial advice.• Gather the necessary information to support effective planning.By visually mapping each step, we identified specific tools toprofessionalise every client interaction. This process allowed us tostandardise email templates, meeting guidelines and presentationmaterials. By ensuring consistency across our brand, we offer amore polished client experience.The case for mapping your advice processAfter much debate, one thing became clear: great processes exist,but few are well-documented. Many firms rely on informal, advisorspecificapproaches, leading to inefficiencies and inconsistencies.Going through this exercise gave us the opportunity to identifytraining gaps, clarify roles within the advice process and reviewand optimise our organisation’s “toolbox” – including technology,templates and engagement strategies.The result? A structured, repeatable and scalableapproach that ensures best practices aren’t leftto chance. Most businesses have an adviceprocess, but few have one that is truly optimised.If there’s one thing you do in 2025, map youradvice process! I always enjoy engaging with industryprofessionals about their processes –what’s working, what isn’t and what we canlearn from one another. If you’d like to connectto discuss this topic, our insights and whatwe’ve learned along the way,feel free to reach out toTheoniel McDonald,CFP® at theoniel@wealthassociates.co.zawww.bluechipdigital.co.za
