5 Best practices for Guided Advice

Jan 20, 2023

How to amplify the success of automating an advice framework

When you get started with Guided Advice, it is, of course, essential to get the right people and the right systems in place to set up your advice framework: a set of rules that define your interpretation of ‘good advice’. It consists of rules and regulations for the initial advice but also changes in the client’s situation or economic circumstances to be mindful of. Here are five best practices that amplify the success of defining that framework and implementing guided advice. 


We emphasize this a lot. Hyper-agility is a fundamental requirement for implementing Guided Advice. We explain all about hyper-agility here. Only when you can instantly change the maximum mortgage under warranty, the way you perceive debts or overtime, or anything within your advice rules, can you ensure that you are always compliant. Executing a change request for business rules can take up to six months with some software vendors. Make sure you are not at the receiving end of such a waiting list. You need to be able to change the rules yourself, and you need to be able to change them instantly. 

Business rule implementation by the business specialists

As said, make sure you can change the rules yourself. Setting up the framework and adjusting the framework based on new insights, new legislation, or changed circumstances should be done by the business specialist: people that understand how the framework should behave and understand the impact of one rule on another. That means the business specialist is the one calling the shots, not the IT specialist. So much is at risk of getting lost in translation. This also means that your framework needs to be relatively easy to use, intuitive and low-code. 

Persuasive copy

The power of good copy cannot be underestimated. Compelling copy that utilizes nudging theory can increase the response to an alert by 30%. Offer the details of the calculation if needed to make alerts more actionable. Provide comparison data: people like you spend x on this a month. Implementing the right copy costs very little, and the return on investing the time is enormous. Testing and optimizing the copy can increase your conversion even more. 

Data Enrichment

Analyzing static data can already offer a lot of advice opportunities and offer important insights. But enriching your data can increase the impact. The first step is to include all data sources within your organization. Once you have done that, there are three ways to enrich the data you have: 

  1. Active client contact: having the client enter new data into the system in a my-environment or contacting the client and updating the information yourself. This is a labor-intensive process and relies heavily on the willingness of your client to look up information and share updates. They tend to put this off the top of their priority list. 
  2. Source data: there are many – government-issued and otherwise – data sources that can be tapped to update client information. Many systems allow for an API-based connection, so you are automatically up to date. Even if you do need active permission from your client, this can be a clever way to update a lot of data for a lot of clients with minimal effort. 
  3. Self-generated data: outdated information can often be updated by calculations or educated guesses based on industry standards, economic circumstances, and market trend numbers. For example, the value of a home can be calculated based on the original purchase price and the average value increase in that area. Combined with the downpayment schedule of the home, a fairly clear picture can be painted of the current Loan to Value ratio. 


An advice framework applies to all the clients within your portfolio. Implementing it right will lead to a higher Customer Lifetime Value because opportunities are less likely to escape you. It will also lead to a longer Customer life cycle since it allows you to be more proactive. Thus you are more likely to notice life events that would otherwise drive your client into the arms of the competitor. All and all, this means your portfolio will grow. And all those clients need to be served equally well. That means your systems need to be scalable to ensure you can not only serve the number of clients you currently have but also the clients you are still to gain. 

Watch the back door

From a compliance and commerce point of view, Guided advice is a no-brainer. However, your team may perceive it differently. The nature of the average financial advisor is that of a salesperson. Guided advice prompts a lot of activities that are more cient-services-based. 

Guided advice can create a lot of commercial opportunities. But if your advisory team perceives it as a lot of work that brings them very little revenue, your project will fail. Make sure to activate the right people and include them in the early stage of the process. Ensure the advisory team is convinced of the value of guided advice and that your remuneration system aligns with the priority the advisory framework should have. 

Want to get started with Guided Advice

This infographic shares some other trends to look into when you want to implement guided advice.

Get a demo and discuss your business case with us here.

Read more