How to deliver a better client experience through technology

Jun 10, 2014 @ 12:00 am

Runtime: 3:03

Industry experts share tips on how advisers can meet clients' increasing demands for more service through technology.

Video Transcript

[MUSIC] What advisers need to do to improve, to really make a different first impression and something that's lasting, is to really think about how they're engaging clients, and that each client has a unique approach, that's gonna work best. So, what we found is, look, clients are using technology more than ever before. That plays a major part, in how they wanna integrate or interact with their adviser. So, you know, how are the advisers using mobile today? If they're not, they should be. How are advisers extending information on an investor portal? If they're not, they should be. These two things can make a major difference to how they interact with their customer. Yeah, I, I think that onboarding experience is becoming really, really important for advisers. Because, they're not competing against the bank, or the wealth management firm across the, the street now. They're competing against Google and Amazon, and they really need to kinda up their game and, and have that that kind of digital experience that, that, that kind of 20, 21st century experience, rather, that clients are looking for today. You know, advisers have a need to want to go faster. Their clients expect them to move at the speed of light, just like they can do with any, any other kinda thing, electronically. And what it comes down to is embracing technology that can support that. E-signatures is one. Good client onboarding tools is another. But it's also about re-engineering process. Not just taking paper, and bringing and electronic and just saying, oh, look I'm done. It's about re-engineering that process to really make it efficient. I think it comes down to mobile. It's probably the, the biggest thing. We know that, about 90% of clients own a smartphone. They own a tablet. Most of them own both. They wanna interact with their firms that way, and most firms in, in a lot of cases, aren't quite prepared to do that yet. So, I mean, I think, that's where advisers need to get to, is having that digital interaction, via mobile device. What stops advisers sometimes is fear. It's fear of the unknown. It's fear of not maybe being familiar with technology, and that the fact that, their client might know more than them. So I think the first step is to get comfortable with technology get some training, work within their organizations, they probably have training that they can take advantage of. Start using their mobile devices, start using the portals, so that the client looks to them as somewhat of an expert. The client's going to enjoy that, especially the up and coming investors, if they're gonna need to be servicing. They're growing up with this technology in hand. We see a lot of clients are very open to screen sharing. They're very open to video conferencing. And I think when we start seeing advisers use the tablet. Use it for e-signature, and to share demos of, of portfolios, or financial planning. I think that just the whole advice process is gonna become a lot more interactive, and a lot more collaborative. You're always gonna have clients that wanna still come in, shake your hand, go to lunch, play golf, and get the application done in that manner. You're gonna have clients that want some kind of in between experience with technology and hand holding. And then you're gonna have the younger generation, that's gonna wanna video chat with you and get that application done real time. So, I think it's just gonna be, be flexible, leverage technology, and be relevant. [MUSIC]

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