A whitepaper on ‘Elevating Client experience’ by Investment News explores how technology is transforming the client experience for investors and how advisors are positioning themselves to capitalize on this trend. The findings are based on the Investment News Advisor Technology Study where more than 300 advisors participated in the survey.
Through multiple communication channels, investors today are being bombarded 24x7 with noise and information about the economy, political events, market swings, foreign developments and more. As a result, the demand is increasing for help and guidance to simplify personal financial planning and investing, delivered in a personalized, customized and efficient manner through multiple touch points.
Even the most sceptical investors are likely to appreciate having the option to see as much or as little as they want when looking at their investment picture in a report, online, or on a mobile device. Advisers can serve as their clients’ trusted partners if they leverage the right technology to clear away the clutter and share information in a tailored approach as defined by the client – in person, in writing, through online mobile devices, on the phone, or in videoconferencing calls.
If advisers are knowledgeable and their clients trust them, they can build relationships. But relationships may change over time if an adviser offers only quarterly statements by mail and quarterly meetings in person. When clients have busy schedules or have questions about what is happening today, the adviser may not be able to answer them or give them what they need anymore. “Let me get back to you on that…” is no longer a widely acceptable answer in an information age.
While some advisers spend a great deal of time creating meeting books, pitch books and stacks of reports, others are starting to use mobile devices that enable them to share one overview page with a client, walk through the client’s investment story and focus on the present and future of that client’s wealth, answering questions in real time while showing examples on screen.
Advisors need more time with clients
Time with clients translates directly into higher satisfaction levels and client loyalty. Currently, the average adviser spends only 55% of work time on client-facing activities, which includes preparation for meetings, according to Cerulli’s State of the RIA Marketplace 2012 study.
Beyond traditional high-touch service in meetings or on the phone, today’s advisers have more options to meet client needs for advice and information. Enabling access via online portals, tablets, smartphones and other touch points can often answer clients’ questions quickly and accurately, while boosting adviser productivity. An adviser may enjoy the trust of an affluent investor but eventually trust may no longer be sufficient if the service model is inconvenient for the client, particularly if client growth occurs quickly.
Adopting technology to enhance the client experience
By adopting the latest technologies, advisers have the opportunity to provide an outstanding client experience, as well as improve client conversations and interactions. This new client experience, in turn, can potentially lead to increased referrals and business growth, both from client loyalty and more value-added adviser time focused on business development.
Moreover, through efficiencies that come from technology integrations and automated processes, advisers can achieve scale and accommodate new client growth without having to hire new people.
Based substantially on the whitepaper Elevating Client Experience by Investment News.
