A more engaging scaled advice process needs the tech
If technology providers can come to the table, the provision of scaled advice may soon take the form of a 'co-browsing' function designed to better engage clients in the advice process.
Superannuation funds have for some time been providing scaled advice services through call centres or via the web, but improvements in video conferencing services such as Skype or Google+ Hangout could potentially allow scaled advice to be delivered via both media simultaneously, according to Zurich Financial Services national manager, sales strategies and research life risk Mark Fabris.
"At the moment you can combine multiple sessions when consulting with a client, so for example, you could be skyping and pushing a separate document to a client," he said.
"The problem is you tend not to have the technology that does a good job at combining those things," Fabris said.
Investment Trends senior analyst Recep Peker said such integrated technology would not only encourage clients to be more engaged in their lifestyle planning but would provide enhanced experience while also lowering face-to-face time with less profitable C and D clients.
"It has a lot of applications in a call centre because it is also a powerful way to handle phone calls," Provisio Technologies director Cameron O'Sullivan added.
"Rather than just sharing your screen, clients will see an interface designed very much for them and an adviser will be able to execute whatever they want once that conversation is finished,"he said.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
