TECHNOLOGY IN YOUR BUSINESS
SUPPORTING CLIENTS IN THE ‘ NEW NORMAL ’
Nick Eatock CEO intelliflo
As we continue along the path out of all coronavirus restrictions , advice firms and clients alike are finding their feet in the ‘ new normal ’. But how much will our ‘ new normal ’ resemble the old one ? How much should it ? While many of the changes adopted by advice firms and their clients since March 2020 were born of necessity , a number have proved beneficial . Used well , they can not only support and strengthen existing client relationships , but also facilitate new client adoption , all while offering business efficiencies and freeing up resource for what matters – time spent on and with clients . Before the pandemic , one of the strongest challenges to virtual meetings , client portals and cutting back on paper , was that clients simply would not accept them . It was too much of a shift for clients with no clear benefit to them that they could see . That barrier has been largely swept away as digital very quickly became the norm . In April 2020 , Microsoft CEO Satya Nadella famously said : “ We have seen two years ’ worth of digital transformation in two months ” 1 . Shifting from relying on paper to embracing digital can bring a range of benefits for both you and your clients . Sharing , signing and submitting documents can be done swiftly and securely through a client portal , with an audit trail capturing each step for your records . Clients can access their data in real time , anytime , without having to contact you , allowing them to feel closer to their investments . You can still deliver the same high standard of service , but without the pressure of having to action each step of the process on paper , wait for the post or chase up valuations . Client portals can also bring other advantages . Onboarding clients can be quicker , with less chance of errors , thanks to the minimal need to re-key information . Portals can provide a focal point for the advice process , and then ongoing maintenance and reviews . Clients now , thanks to Open Banking , can link their broader financial world to a portal : bank accounts , credit cards and mortgages , allowing a more holistic approach and simplifying onboarding and client reviews . You can issue targeted information and updates to inform and reassure . With a shorter lead time than , say , a posted newsletter , digital communication increases the impact and encourages client engagement . This is just one way in which you can demonstrate to your clients that you are constantly working for them and that you care about their concerns . Perhaps the biggest shift we have seen since March 2020 has been to virtual meetings . Research by SunLife found that four in ten over 50s had never taken part in a video call before the pandemic . Three quarters have now done so , and half expect that they will continue
to use them to keep in touch with people2 . Virtual meetings can be flexible and much easier for both clients and advisers to fit into a busy schedule . There ’ s no travel time or concerns about forgotten paperwork . Screen sharing and co-piloting create an interactive and highly visual experience . In fact , in our second coronavirus impact poll in August last year , 31 % of advisers felt that using online tools and screen sharing can create a more interesting experience for clients . A digital approach can also potentially open businesses up to new client bases . Geographic barriers are being lowered , which can be a particular advantage for specialist firms , while a more cost-effective , digital offering may be a way to service clients with less to invest , but who would still benefit from financial planning . Despite the general easing of restrictions , it ’ s clear that digital will continue to play a significant role moving forward . Our April 2021 Advisory Business Impact Poll found that the number of advisers who had adopted new technologies that were enabling them to become more efficient had doubled to 64 % from 32 % the previous year . Six in ten listed client adoption of technology as one of the main business improvements over the last year . Delivering a good client experience , servicing clients in ways that work for them and achieving positive outcomes will always be the goal ; if the client benefits , so do you . The good news with much of this rapid and thorough shift to digital is that there are also clear benefits for advisers : business efficiencies , smoother processes and removing the geographic boundaries to new clients are just a few . Wherever we go from here , the shift in client mindset and increased comfort with technology has accelerated change in ways we could not have imagined in 2019 , creating great potential for new ways to support and engage with clients .
1
Microsoft . com : 2 years of digital transformation in 2 months
2
Sunlife : www . sunlife . co . uk / covid-19-and-over-50s /
Sophisticated yet easy to use , intelliflo ’ s powerful technology is crafted to help you save time and cut costs , so you can focus on driving your business forward . Our range of cutting-edge solutions supports over 30,000 financial professionals worldwide . Discover how we can help you , your team , or your clients at www . intelliflo . com Or you can contact a member of the SimplyBiz Investment
Services Team on 0808 124 0000 .
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