Using mobile technology to take client relations to another level

Mobile technology is transforming registered investment adviser practices as well as the nature of the adviser/client relationship. But to experience the full range of benefits that mobile applications provide, advisers need to change the way they think of mobility.
Too often, advisers don’t fully understand the concept of mobile efficiency. They rave about capabilities to access their client data remotely and e-mail reports in PDF format to clients, but they’re missing out on much more. Custom-branded mobile applications that run full wealth management platforms — including client service, research, trading and rebalancing software as well as model portfolios and scenarios — elevate the adviser/client relationship to one of co-creating and sharing, in which advisers can use technology to actively help clients make better financial decisions.
When clients clearly see their adviser is proficiently using all the analytical tools and technology at his or her disposal to build and manage portfolios, the adviser’s brand receives a big boost. The adviser who can hold meetings and make in-depth, analytical presentations using an iPad or tablet makes a much more powerful impression on existing and prospective clients, especially millennials, than the adviser who can only offer electronically delivered reports or remote access to account data.
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Imagine sitting next to a client in any location and accessing an entire platform of wealth management software to demonstrate the impact of potential account changes. This scenario isn’t science fiction. It takes place every day with the help of mobile applications created and customized for RIAs and their clients.
For example, tools such as Chromecast and Apple TV enable advisers to sync their iPads and other mobile devices to 60-inch plasma TV screens in clients’ living rooms, and seamlessly show multiple members of a family how certain scenarios would affect their portfolios. Touchscreen monitors can take this interactive experience to the next level, allowing advisers to touch the screen and move windows around for clients or colleagues.
Furthermore, advisers can set up secure portals that enable clients to log in and view account performance, updates and reports from anywhere, as well as access educational resources such as videos and white papers. Client portals are available through mobile apps and are equipped with social-media-like communication tools that enable clients to reach out to advisers at any time.
BEST PRACTICES
Client-facing mobile apps are highly useful tools but they are not magic beans. It takes time, education and practice for clients to not only feel comfortable using apps from their advisers, but to learn how to use those apps securely. Here are some tips to keep in mind:
• Training sessions are key to helping clients become proficient using mobile apps. Advisers can’t expect clients to get mobile apps up and running immediately after downloading them. In our experience, the most successful implementations of mobile apps have been carried out by advisers that spend at least 30 minutes talking clients through the setup and orientation procedures. Many of today’s clients own iPads or tablets but not all of them are comfortable using apps, especially older clients. One-on-one training is vital to coaxing clients to fully embrace and adopt mobile apps. While the most effective training sessions take place in person with senior or junior executives, advisers can also record video tutorials and post them online.
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• Advisers should periodically follow up with clients to check on their progress with app familiarity and usage.
• Wi-Fi hotspots can be dangerous for clients who use automatic login functionalities for their apps. If a client walks or drives past a Wi-Fi hotspot with a mobile device, the device may automatically log into its apps, including those from RIAs, leaving them open to anyone else utilizing the hotspot’s SSID network at that time. Advisers need to educate clients about how to use their mobile apps responsibly and safely.
2015 AND BEYOND
As mobile technology continues to advance, advisers will be able to use various mobile apps to ensure that updates from all of a portfolio’s service providers are received in real time on whichever device the client chooses. For example, clients will eventually be able to obtain pop-up notifications on their iPhones or Androids, instantly alerting them to allocation changes by portfolio managers of certain funds in which they are invested — and then receive resources contextualizing those developments from their advisers on the same devices.
Advisers can prepare for tomorrow by changing the way they think about the benefits of mobile technology, and working with their clients to fully utilize the mobile applications available today.
Bill Crager is president of Envestnet, Inc., a provider of unified wealth management technology and services to investment advisers and wealth managers.