Technology has revolutionised the way we conduct business and your advice practice is no exception. It has opened up new possibilities and opportunities to save time and better serve your clients.
Here are some ways in which technology has influenced advice practices like yours:
Virtual Meetings: Thanks to virtual conferencing, advisers can now meet with clients where ever they are. This means advisers are no longer geographically limited to the city where the office is. These can easily be integrated into XPLAN via diary and or email templates.
Mobile Access: Mobile technology has made it easier for people to access advice on-the-go. Many platforms and websites now offer mobile apps that provide access to portfolio reporting services from anywhere - at any time. Clients who have 24/7 access to their portfolio demand 24/7 accuracy. While this is an exciting development, online portals have exposed weaknesses in many adviser's data management process. Just in time data quality is no longer suitable.
Data Analysis: If you are not doing this now, we think all practices will be using their data more and more, to better understand their clients and make important decisions. These data analysis tools gather and analyse vast client, investment and revenue data and are able to highlight strengths and weaknesses across your business. Planfocus works with a number of licensees specifically on data cleansing and reporting preparedness tasks to ensure their data is up to date and accurate.
Digital Advice: Technology has enabled the creation of algorithmic advice journeys where clients answer guided questions and a robot (algorithm) makes a portfolio recommendation. Today, whilst this tech has limitations, it will eventually open up opportunities for forward thinking advisers to take this tech to new levels.
Client Self Service Tech: Self service technology is nothing new. It covers a wide range of digital tools that allow clients to contribute some of their time to the advice and service process. This can include client driven fact-finding, risk profiling, goal exploration and client portals where clients can update their personal details.
For some advisers, the idea of a clients using self service tools "might seem a step too far". The next generation of clients expect more involvement and are keen to participate. These tools reduce error, speed up and automate cumbersome data collection processes and give you time back to spend on tasks that are more strategic.
With the potential for business losses through intergenerational wealth transfer, it makes sense to be prepared.
Online booking systems: Today, clients can surf the net and book meetings directly into their advisers calendar. This takes the planning and risk out of making the appointment and staff can focus on more profitable tasks. For XPLAN users, these systems can easily be coded into email templates and automated as part of a review or meeting thread.
At Planfocus, we understand the importance of staying on top of the latest technology in order to provide our clients with the best possible service. That’s why we’re committed to keeping up with the latest tech trends and innovations in the advice industry.
If you’re looking for ways to leverage technology in your practice, contact us at 1300 361 972 today. We’d love to help you with your tech strategy and maximise its utility.
