The leaps that technology has taken in the last two decades has been unprecedented. No one would have ever imagined that a small handheld phone could pack more power than the technology NASA used for the first moon landing or that most of your regular needs could be fulfilled just at the click of a few buttons from the comfort of your home. Times have indeed changed and with that, we are also seeing a change in the way people are managing their money and financial advisors are leveraging technology to better serve the changing needs of their customers.
For a financial advisor, the client has always been the primary area of focus. However, technology is now allowing financial advisors to enhance the client’s experience at varying points of the financial planning curve. When it comes to choosing a financial advisor, clients are more concerned with their experience with the advisor rather than with other parameters like cost and reputation. In that regard, many financial advisors have adopted technological solutions to complement the services that they provide. Some of the ways by which they are doing this are discussed below.
Leveraging the trusted old CRM better
At the crux of client management lies the client relationship management (CRM) system. Advisors are now using enhanced CRM systems to build stronger and more personal relationships with their clients. The CRM system allows advisors to store robust client information and capture important personal data like the birth of a child/grandchild, planned family vacations, important milestones etc. By knowing about the things and moments that are important to their clients, advisors are able to personally reach out to their clients at the most important times of their lives and guide them whenever required.
Improving accessibility
Client interactions are no longer limited to just that one quarterly meeting that has been earmarked on the calendar. Mobile technology is now allowing clients to connect with their advisors whenever and wherever. Clients have various needs and queries that can crop up anytime and anywhere. By making themselves digitally available through technology solutions like skype and zoom, apps and chat bots, advisors are ensuring that instead of seeking sub-optimal advice from friends and well-wishers or even researching online, clients always have access to the benefit of their expert advice. Advisors are also using time management software to share their availability with the clients and to help clients set appointments in a simple and seamless manner. By doing this, advisors are helping their clients pave the way for better investment decisions.
Small things that are making a big difference
Advisors are also leveraging technology to make small differences to the client experience. For example, some advisors have created an online vault where clients can simply upload all their important documents. With all these documents secured and kept in an accessible place, clients can have true peace of mind.
Financial advisory is built on a foundation of trust – something that can only be cemented through personal interactions. However, technology is allowing advisors to not only enhance the customer experience but to further solidify their relationship with their clients by ensuring them that they will always have their back.
