Understanding Library and Collections
See how you can streamline your documentation process and automate work, particularly for complex tasks like a 401K rollover.
Check out the 11-minute video to understand when you can use Library & Collections
Enhancing Documentation with Library and Collections
Why Use the Library & Collections?
- Efficiency in Documentation: For example, detailed documentation is essential for a 401K rollover for both client understanding and regulatory compliance. The library feature allows you to store and quickly access key information, speeding up the process.
- Structured Client Communication: Include details like current 401K plans, proposed changes, fees, and rationale in your documents. This can be structured effectively using Pulse360’s library, ensuring clear and professional communication with clients.
- Automation Powerhouse: You can have library notes with tasks, workflows, tags, and files attached. Now, you have to select one note, and five other steps will be automated.
Building Your Library in Pulse360
- Creating and Organizing Notes: Start by creating new notes under appropriate topics, such as investments.
- Using Flexible Fields: Utilize curly brackets to mark places in your notes where specific client information will be inserted, ensuring customization for each client while maintaining a standard structure.
- Saving to Library: Once your notes are prepared, save them to the library. These can be reused across different clients, saving time and effort.
Utilizing Collections for Streamlined Processes
Collections help you group related notes for specific processes, such as a 401K rollover. Here’s how to use them:
- Creating a Collection: Make a new collection for frequently used note sets, like 401K transfer notes.
- Adding Notes to Collections: Select and add notes from your library to this collection.
- Ordering and Using Collections: Arrange the notes in your desired order. You can easily add the entire collection to a client’s document when needed, streamlining the process.
Editing and Customizing for Individual Clients
Once notes are added to a client’s document from a collection:
- Customization: Edit the notes as needed for each specific client. These edits won’t affect the original library items.
- Finalizing Client Communications: Tailor the document before sending it out, ensuring it’s precisely aligned with the client’s needs.
Maximizing Your Practice Efficiency
Library and collections in Pulse360 are powerful tools for financial advisors. Whether it’s setting up agendas, seasonal planning notes, or complex financial processes, these features ensure consistent, professional, and efficient client communication. This example of a 401K rollover demonstrates just one of the many ways you can leverage these tools to enhance your practice management.
Don’t start with the library
As powerful as the library & collections are, we recommend you just focus on creating client deliverables – like a meeting summary. Over time, you will start to identify the text snippets you want to save in the library.
Automation powerhouse
Think of an onboarding process. You have to email a client, kick off a workflow, and perhaps send a file. All of these can be saved in the library and you will save time with them being automated in the future.
Frequently Asked Questions
After two decades of being in your shoes, here is a revelation — 80% of what you write to your clients will be similar. For example, a 401K rollover recommendation has pretty much the same rationale and relevant points. Unless you are using 1,000 other investment products, what you do is very similar across your client base. Sure, each client may be different, but the only difference in opening a 529 account for parents is asking them to save $100 or $200 and choosing from one of five portfolios. Hopefully, you are starting to see that your communication is not that different between your clients.
This is why we have built Pulse360 – you can personalize and customize your communication with your clients as you see fit.
Agendas are the easy ones. If you know you have to cover a certain number of areas – such as review risk, review beneficiaries and so on, you can add that to a collection. Model changes are another example. If, for example, you need to document your model changes and apply them to different clients, this would work great.
