In response to the increased regulation and costs to advisers to service clients, Quantifii has developed software platform Eleva8 to assist financial planning firms to profile their client base to gain valuable insights.
Eleva8 was a business customer analytics platform that had been modelled on another evaluation tool used to measure player and team performance in sport.
As the number of clients each adviser could serve had decreased due to increased regulatory requirements, it was vital firms identified the average revenue they aimed to receive from each client.
The firm had recently completed a pilot program with financial planning firm Investment and Financial Planning (IFP) to assist them in profiling their client base to determine their “ideal client”.
Andrew Moody, IFP director/principal adviser, said the process required the firm to investigate its business and identify the key attributes IFP would use to assess its clients.
“It needed to be unique to our business. Once we identified the criteria we would use the process became seamless,” Andrew said.
“Establishing our criteria and ideal client profile was time well spent. We look forward to completing the next assessment so we can compare data insights.”
Craig Moody, IFP director/principal adviser, said Eleva8 helped them realise what made up the total value of their clients including intangible characteristics.
“Previously the focus was predominantly on the fees clients paid,” Moody said.
“We now have a strong understanding of our ideal clients, their attributes and what we need to do to realise an uplift from our clients.”
