Refining client engagement through fintech
The use of financial technology is essential for advisers to have a client-centric focus during meetings, as well as improving business growth, according to Astute Wheel.
A white paper from Fidelity had found advisers who increased their use of technology during COVID-19 had found a 32% increase in business efficiency. The ability to attract new prospects also increased by 35%.
It also had a benefit for the client with client satisfaction increasing by 15% to 20%.
Johann Maree, Astute Wheel practice development manager, said: “The new imperative for financial advisers is to upgrade their tech stack with a client centric focus and use technology to engage and delight clients across the customer journey.
“Key components are online data gathering questionnaires, client education and visual modelling tools so that clients can make informed decisions.
“By redefining the client journey from prospecting, onboarding, developing the financial plan, implementing recommendations, ongoing service delivery and communications, advisers who develop a superior end-to-end client experience also create an engine for business growth.”
Maree said clients wanted services which were ‘hyper-personalised’ and were provided quickly and effortlessly. This included the ability to stay digitally engaged, convenient and easy interactions, build trust and demonstrating value.
Ways that advisers could use technology to demonstrate value included visually demonstrating ‘what-if’ scenarios, linking planning recommendations to show a holistic financial picture and demonstrating how that integrates into wealth accumulation and retirement planning and offering contact points beyond annual meetings.
Maree said: “Digital empowerment is not only about selecting and buying innovative technology. It is about using technology effectively and incorporating that into the advisory business culture and DNA. It is about enhancing mindsets towards technology, the value it will deliver, and the value of resiliency.
“These are uncertain times, but a more adaptable, multifaceted, adviser-led, technology-driven approach to client engagement is critical for future sustained client and adviser success.”
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
