Innovation is the Key for FSP’s
You may have noticed that many of your clients are millennials. Perhaps they are children of former clients who have passed on or they are recent graduates who want to invest their money.
What do millennials want?
Millennials are characterised as being tech-savvy, impatient and authentic. They will not wait for a company to get it together and will in a heartbeat go to a competitor. They grew up in an environment where connectivity is not an issue, so if they send out an email to an FSP, they expect an immediate response.
FSP’s who hold onto traditional methods of doing things are lagging behind. In the old days, it was okay to respond to an email after five days, but in today’s world, this will cost you your business.
Employing more staff to handle the workload is not ideal. Innovation is the key for FSPs. Use FspHUB to innovate your company and to make your practice more profitable. Improve the synergy of your small team or even connect your various branches into one central hub with FspHUB.
With FspHUB you will discover a whole new world: your workflow, communication and documents all exist in one place. You can access it from anywhere, at any time, using any device.
How does fspHUB work?
1. Taming the email beast
Most people admit that their email boxes are a pain to manage and that they have missed out on good opportunities because they couldn’t get to all their emails.
FSPhub solves this problem with two inboxes; one for business email and another for all the other emails. This already helps you to reduce the email count by removing your private emails from your business emails.
The tool also automatically saves the sender’s email address as a prospect/lead that you can send email campaigns to.
Lastly, FSPhub immediately archives an email once you have replied to the sender or forwarded it to someone else.
2. Effortlessly manage workflow
You can set up or amend predefined workflows easily or as your needs change. Each brokerage is different so we allow you to create the workflow that best suits your business. Whether that entails one task or 10 tasks, you decide.
3. Improve communication
Pre-written templates are used for both email and SMSes. These templates are linked to the appropriate task or steps as per your pre-defined workflow. There are at least two advantages to doing it this way:
- The ability of people to get grammar and spelling correct is deteriorating all the time. By checking the templates regularly, this problem is eliminated.
- A huge amount of time is saved by editing a template instead of writing it from scratch every time
4. Simplify and improve document management and compliance
The Financial Services Board (FSB) expects documents to be readily available. These documents also need to be kept “offsite and safe from destruction”. The FAIS law, which regulates the activities of FSPs, stipulates amongst other things the following:
- Each record/document needs to be kept for at least five years after the cancellation of a contract/client. This obviously assumes faultless record-keeping.
- That all work should be done in line with approved business processes.
- There needs to be adequate and competent management in place.
FSPhub assists in this regard in at least four ways:
- The system automatically inserts a code in each email or SMS that is sent. When the recipient replies to an email, this code enables FSPhub to automatically link the reply to the correct task, client or contact. This prevents misfiling and saves you a lot of time.
- To make it easier to quickly find a document, shortcuts are automatically inserted in three different (logical) places in the system.
- Attachments to an email are of course filed with the email, but if it is an important document you can choose the appropriate name in a drop-down and have it filed separately.
- Many FSP firms still, unbelievably, use paper files to store documentation. We provide you with an easy way to get your documents scanned and linked in FSPhub.
The use of FSPhub, therefore, makes compliance almost a non-event – if you are going to put processes in place they may as well be compliant. It is almost inconceivable that the FAIS law can be complied with in all respects without the use of a system like FSPhub.
5. Facilitate management control
By clicking the name of an employee from a drop-down list, management can see all their tasks, both current, completed and overdue. This enables management to see whether an employee is coping in an unobtrusive way and to manage the quality of the work done.
Quite apart from quality control, it is easy to see whether the work is also evenly distributed. This visible from anywhere in the world and on any device.
6. Focused group communications
By using the filtering mechanism, it is possible to create (and save) sharply focused groups of clients and prospects. This enables you to communicate, by email or SMS, with a group in a meaningful way. Bear in mind that it is easy to pull the appropriate personal information of each person from the database.
Thus, the only limitation to very effective communication (and therefore relationship-building) is the ability of management to say the right things!
7. Access to leading technology
To achieve the functionality that is available in FSPhub the developers have had to dig deep and search widely for the latest technology. When using this system, you can be assured that it’s up to date with the latest trends.
It is not designed to replace the tool(s) that you may be using to do the technical work. The result of that work is simply linked into FspHUB.
We have made the transition easy, so contact us for a giant leap in productivity and sales.
Whether you are a Short-Term Broker, a Financial Planner, Employee Benefits Consultant or all combined ― talk to us. We would love to hear your story.