McGregor Wealth Management, a reputable financial advice practice based in Noosa, engaged our services to modernise and streamline their business process to ensure consistency of operations, improved client outcomes, and reduced key person dependency. After hearing about our work, and the difference we can make working with advice practices over the long term, they engaged us to help.
Simply Kaizen’s approach to working with McGregor Wealth Management included four main stages: Discovery and Benchmarking, Collaboration, Implementation, and Continuous Improvement (aka Kaizen). This tailored, step-by-step process ensured we fully understood their unique needs, goals, and pain points before implementing targeted solutions.
Key improvements and themes
Throughout our engagement with McGregor Wealth Management, we focused on three main themes.
Leverage our findings through client surveys, team surveys, file reviews, and team interviews, completely remapped core business processes by conducting workshops with the full team. This led to enhanced team engagement, a restructure of how new business workflow was managed, consistent process rollout, and the creation of a more efficient review management system.
Key wins included:
- Team survey and interview feedback drove the development on clarifying potential differences in processes and tools used, which led to clarity on best practice and consistent approach.
- Restructuring the role of the associate in the meeting meant client outcomes could be delivered faster than ever.
- Redesigning the workflow path for new introductions improved the new client experience, reduced the number of handovers, and simplified touchpoints.
- Mapping the new workflows via Lucidchart, enabling easy web-based editing and sharing in the future.
- Feedback from the client survey identified a gap in the client referral process, which was subsequently resolved.
- Issues identified in the physical workspace (a benefit from on-site visits) improved the client experience on arrival and ensured the team had the right hardware to do their best work.
- Rollout of Asana to facilitate end-to-end project management throughout our engagement.
Whilst the business had been using Xplan for a long time, between knowledge gaps and legacy issues, they’d been unable to take advantage of much of its capability. Despite strong support from their licensee at GPS Wealth, previous attempts to leverage the software beyond the respectable foundation in place had fallen short. Furthermore, additional software was being used to manage processes that they weren’t able to achieve results with through Xplan.
We introduced Xplan threads, driven by Xplan Opportunities, to automate office workflows, improve process consistency, and enhance workflow visibility. This included automating KPI tracking, workflow tracking, FDS tracking and reporting including review delivery reporting, initiation using Xplan’s Scheduler, email templates integration, and compliance checks.
We also launched a customised Xplan Client Portal, enabling secure document exchange between clients and the firm. Resources such as our Data Validation Report enable any team member to validate data across 116 fields and 42 specific key risk checks in seconds.
All of this requires ongoing change management and training support, so in addition to the training sessions conducted with the current team, we also implemented SharePoint intranet pages for easy access to essential information and processes and to support the business goals for continued efficiency and consistency as they grow.
Client experience enhancement
Whilst McGregor Wealth Management has been operating in Noosa for a very long time, is well known in their community, and has incredible experience, there was still room for improvement. Ensuring a consistent client experience, regardless of whether the client met with the principal and founder or one of the talented younger advisers, was very important.
Beyond streamlining the process overall, we also worked on the in-meeting client experience. We also transformed a tried and tested meeting engagement resource which the firm had built in Excel to perfectly match their advice philosophy, into a modern, professionally designed, fully automated review report pack leveraging Xplan coding. This brought the in-meeting experience to alignment with current expectations without sacrificing the underpinning structure that had helped thousands of clients over decades, reduced the time to prepare, and provided a well-presented report that the client could take away.
We developed a series of email templates and website enhancements to improve the client experience. This included leveraging our extensive web experience to work collaboratively with the existing web design team to efficiently provide self-service booking pages integrated into the website and powered by Calendly, appointment confirmation pages, and centralised email signatures for a more professional presentation.
McGregor Wealth Management speaks to the results themselves.
Pat and the team at Simply Kaizen have been instrumental in our practice’s growth and efficiency aspirations. They were able to assist us with evaluating where we were, where we wanted to go and then implementing the changes and technology required to get us there.
Their advice and efforts have resulted in us saving (so far):
Our receptionist has saved approx. one day a week through automating the booking of clients.
Our associates have saved approx. one day a week thanks to efficiencies in meeting recording and task management.
We have saved costs and time by simplifying and rationalising our technology stack.
Our Practice has been able to automate compliance tracking, workflow tracking, and KPI tracking. Which means the next stage in growth for us will be far easier and more importantly measurable.
Previously we had tried and failed with change management as we couldn’t get ourselves outside the daily chaos and demands of the office so hiring Simply Kaizen as an external partner to assist us made change possible, they were the extra horsepower we needed to get things done and not lose focus.
I highly recommend their services to any Practice looking to become more efficient, bring in new tech and/or grow.Rob mcgregor, founder and director
As we continue to work with McGregor Wealth Management on a journey of continuous improvement into the future, we’re continuing to build on the above successes. Since we commenced our work, the team has grown, client outcomes are delivered faster, management has clearer oversight, and the business is less dependent on any individual than it has ever been.
We’ve enjoyed working with the team at McGregor Wealth Management. Their passion for great advice, commitment to their clients and their community, and appetite to learn and improve has made them a joy to partner with.
Interested to learn how we could help improve your processes?
The team at Simply Kaizen is here to help advisers like you and your team to do more. Find out what could be possible for your firm today!
If you’d like to express interest in any of the above, please let us know by completing the form below or booking a virtual coffee.