Mobile phones have revolutionized the financial advisory profession as financial advisors are now upgrading themselves with latest technology to tap the next gen-audience. A recent study by Miles software on ‘Mobile Technology reshaping the Wealth Industry’ shows an analysis of mobile applications that are helping IFAs to support client interaction and their advisory business.
The whitepaper shows that tablets facilitate far superior interactive and collaborative conversations between advisors and clients than laptops. Tablets help advisors having rich conversations with clients and helps advisors to follow in four P’s (process-profiling, planning, portfolio construction and proposing) during the meetings.
The study shows that tablets can help clients relate to a financial plan more easily. “Advisors can use these devices to help clients understand different financial planning scenarios based on goals, risk tolerance and market predictions with the help of graphics,” says the report.
Also, leveraging a mobile approach will lead to face-to-face and interactive engagement with the clients. It also helps clients understand the recommendations easily.
Apart from client engagement, tablets help improve overall practice by making CRM tasks, accessing market news as well as receiving and reviewing alerts easier and more efficient.
Working with an advisor who is using mobile platforms proactively encourages investors to be more interactive. It provides them with an easier medium to solicit feedback when both (advisor and clients) can view financial planning model simultaneously, says the report.
The study suggests that having a Unified Wealth Platform (anytime, anywhere mobile access to this unified platforms) can be a critical tool for next generation of advisors. “Deploying a Unified Wealth Platform as an end-to-end advisory solution will enable financial planners and wealth advisors shift to mobile. Anytime, anywhere mobile access to this integrated platform will provide advisors with a full array of interactive tools to enhance their practice’s value, resulting in the delivery of more tailored solutions to clients,” states the report.
