Financial Needs Analysis

6 Ways Kronos FNA Creates New Sales Opportunities


Written by Kronos Technologies on October 30, 2018

Kronos FNA is a stand-alone financial needs analysis software solution that fully integrates with Kronos Finance, our CRM solution. Kronos FNA makes compliance a snap, makes the review process quick and easy, and it uncovers all your clients’ insurance and investment needs. 

Read on to see 6 ways Kronos FNA creates new sales opportunities for advisors.

1. Easily understand the needs of new clients

Kronos FNA is a great tool for developing a strong initial understanding of a new client’s needs at the beginning of your relationship. You can complete the FNA on your mobile device in front of the client. You can share it with them ahead of your meeting and have them complete their information. Or you can print it out and complete it long-hand. 

Either way, it gives advisors the ability to capture all the data they need about each client in order to get a clear picture of the client’s insurance and investment needs, both today and in the future.

2. More effectively upsell and cross-sell to current clients

Up-selling and cross-selling are important for all advisors because, compared to selling to a new client it is more than three times more effective (Deloitte and Touche.) And, while almost all advisors agree that cross-selling is an important part of their business, less than half of them feel they do a good job at it. So, cross-selling represents a tremendous growth opportunity for most advisors. 

And it does more than just increase the number of sales. Cross-selling requires a full understanding of all your clients’ needs, which means it deepens each relationship and creates a barrier against a competitor luring a client away. The more products and services a client purchases from you, the more ‘sticky’ you become. And, because cross-selling requires less effort and investment than selling to new clients, it increases the profitability of each client relationship.

Kronos FNA gives advisors the ability to regularly update a current client’s FNA, which is a great way to uncover any changes in their objectives and any new needs that have arisen since your last review.

3. Reminders and easy data entry maintain momentum

Cross-selling is such a beneficial strategy it’s a wonder more advisors don’t take full advantage. But in many cases, the fact is, advisors are pulled in many different directions and their focus is deflected to other things. In some cases advisors may lack the confidence or the tools to educate their clients on a variety of different products.

To address those issues Kronos FNA sends you reminders to connect with your client to update their FNA so that you don’t lose momentum in your cross-selling efforts. It also, saves you time by avoiding double data entry because most of the client’s data is integrated directly into Kronos FNA, via your Back Office or Kronos Finance.

4. Record of changes identifies new opportunities

One great way Kronos FNA makes it easier for you to identify new sales opportunities is that it gives you the ability to compare client’s old FNA reports to the latest FNA in order to understand any changes and identify new client needs. This tool gives you a visual, easy to understand way to demonstrate to your clients how their situation has improved over the past year—bringing them closer to their goals. And, it shows where unmet needs still exist—creating the basis for discussion about new product purchases.

5. Automatically generates recommendations

Kronos FNA creates sales opportunities by analyzing your client’s data, identifying their current and desired situations, and then generating recommendations as to how your client can achieve their financial objectives. These recommendations are based on several analyses that Kronos FNA performs, such as:

Retirement analysis—including the client’s general information (specifically date of birth, salary and unused RRSP and TFSA), as well as projected investment, insurance and cash flow needs.

Life Insurance needs—including the client’s general information (specifically date of birth, salary and dependent children), as well as investments, insurance and a balance sheet.

Disability insurance needs—including the client’s projected salary needs and insurance requirements.

Critical illness needs—including the client’s insurance needs in the case of critical illness.

Debt analysis—including a balance sheet

Emergency fund needs—driven by a detailed cash flow statement

6. Prepares professional reports

Kronos FNA gives you the tools you need to wow your clients with your ability to educate and fulfill their needs. The FNA automatically generates professional reports that contain tables and charts outlining the best recommendations for the client given their current and projected situations. The reports contain all the information the client needs to understand why you are proposing they purchase a particular product—they can even access a detailed appendix which shows all of the calculations that were done to arrive at the recommendations.

Wrap up

Kronos FNA creates new sales opportunities for advisors by making it easier to conduct initial reviews with new clients, increasing an advisor’s cross-selling effectiveness, maintaining advisor focus and momentum, highlighting changes in a client’s needs, making recommendations and generating professional reports. The FNA tool makes it easier to sell to both new and existing clients. It deepens relationships and ensures compliance. And, because it integrates with Kronos Finance it drives advisor efficiency and effectiveness.


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