Someone once told me that an efficient office meant that a piece of paper was only touched once. In these more modern times, an efficient office is now one where data is only input once.
Improving the client experience
For me, this is where the really exciting developments have occurred over the past few years. And the pace of change is only set to quicken.
Attracting and retaining the right clients is key to the long-term success of all advisers. In the past, most advisers have found client retention relatively simple, potentially leading to a degree of complacency.
Beware though, the world is changing. Think back a few years to when online banking was originally introduced. Some banks charged for it, and all of those who offered it used it as a differentiator. Now, it is expected – just look at the storm created on social media when the online system of a bank goes down.
In future, the same will be true for investors; they will expect, for example, online access to their portfolios and the ability to add in other assets so they can see their overall wealth, perhaps even the ability to trade themselves.
Those advisers who adopt front end, client-facing functionality, now offered by what were predominantly back office systems, will flourish. Those who do not, will be left behind.
I can already hear the reaction of some advisers: “My clients won’t log in”, “My clients aren’t online” or “My clients aren’t interested”.
| Key points |
Advisers who do not put a back office system at the heart of their business, while embracing new front office technology, will be left behind. The back office system should support the advice process every step of the way. A front office integration with a robo advice proposition could allow a business to broaden its offering to people. |
Well, things are changing. Nowadays, 86 per cent of people in the UK use the internet on a regular basis. The number of clients who will expect their adviser to provide online access is increasing. So, by the way, are the percentage of advised investors who will consider changing their advisers if they do not get satisfactory levels of online interaction.
If you are sceptical, think about the benefits of providing such online interaction. Every time the client logs in, that is another touch point with your brand, differentiating your proposition from that of other advisers who do not offer such a service.
Security and client communication is another area where front office advances will improve the client experience.
We all know emails are not secure and are being targeted by scammers. A front office system that allows you to securely communicate with your client, has huge benefits, not least that it demonstrates you are taking the security of their data seriously.
