Welcoming New Clients to Financial Planning: the case for industry-wide process improvement


The average cost to financial advice firms to onboard a new client is £1,543 and the process takes an average of between three and four weeks. This was the headline takeaway from the recent NextWealth Financial Advice Business Benchmarks study. Since then, the global pandemic has ushered in a wave of digital process improvements. Processes that remain manual stand out as dated– driving up cost and eroding customer trust.

In this report, supported by Origo, we look at the client onboarding process and the challenges it poses to financial advisers and providers. These challenges have negative knock-on effects for clients but in fact both adviser and provider exists to serve clients. Through greater understanding of one another’s challenges and viewpoints, we can work together to deliver better outcomes to clients.

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