Every Parameters survey contains questions asked by your fellow paraplanners on a range of topics. In our latest survey, we asked this peer-to-peer question: Do you find that bespoke reports are more suitable, or should standardised templates be used with individual sections customised for individual clients?
When it comes to crafting client reports consensus is clear: neither approach alone is sufficient. Instead, many paraplanners prefer a blended method, leveraging templates for consistency and efficiency while customising specific sections to reflect each client’s unique circumstances.
One paraplanner summarised it well: “Templates are used as a base, with creative additions to personalise and make the content interesting and the terms more easily understandable to clients.” This sentiment underscores the practicality of templates while highlighting the importance of client-centric communication.
Standard templates bring clear advantages, especially when it comes to consistency, compliance, and efficiency. Templates help ensure key areas, such as legislative or compliance requirements, are addressed uniformly and without omissions. “Templated sections mean we can ensure reports are in line with legislation, compliance and rule changes,” noted one respondent.
However, relying solely on templates can fall short of delivering the personalised experience clients expect. “Clients are paying for the advice they receive and the quality of care and understanding of their circumstances and needs,” another paraplanner explained. “To me, the same report being churned out for every client does not demonstrate personalised advice.”
The challenge lies in striking the right balance. Customisable sections within a templated report allow paraplanners to tailor content while maintaining a solid framework. This approach captures the “soft facts” and SMART objectives unique to each client, as one paraplanner noted.
At the same time, it’s important to avoid unnecessary reinvention. One paraplanner said: “Bespoke reports, starting with a blank sheet of paper, are a waste of everyone’s time.”
Some paraplanners acknowledged the limitations of a templated approach. “You would be unable to capture all potential scenarios within a standard template; therefore, you need to be able to customise to a point.” Others expressed a desire for more advanced tools: “It would be better if they were auto-produced, but the compliance support firms aren’t quick enough or consistent enough.”
In an ideal world, every client would receive a fully bespoke report. However, the reality of large teams and high workloads often necessitates a pragmatic compromise. As one paraplanner put it, “In an ideal world, a bespoke report for every client would be wonderful—but realistically, there is standard information that is required in all reports, so I think a good balance and making sure that the soft facts and information are relevant is the best approach.”
Ultimately, the key lies in blending the efficiency and consistency of templates with thoughtful customisation to ensure each client feels their unique needs are being met. As another paraplanner concluded, “Having templates helps ensure no area is missed off, however it should be geared towards the client’s circumstances and objectives and demonstrate how it meets those objectives.”
Q: Do you find that bespoke reports are more suitable, or should standardised templates be used with individual sections customised for individual clients?
Bespoke reports 14%
Standardised templates 13%
Customised standard templates 72%
Main image: kelly-sikkema-4JxV3Gs42Ks-unsplas
