Refining client engagement through fintech

Money Management
March 15, 2022 AEST

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 AstuteWheel.

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, AstuteWheel 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.”