In periods of market turbulence, when clients tend to panic and make decisions that will harm those outcomes – or at least to seek a lot of reassurance by phone or email – they will be able to see that they are still on track.
If market moves feel outsized and uncomfortable, they’ll be able to check that their portfolio continues to be managed in line with their risk preferences. If they have a concern, they can reach you through the app.
The full value of segmenting your clients into target markets will become apparent as technology enables you to deliver personalised content to those markets. For example, in those turbulent times, your client might log on and find their home screen already shows a piece on staying invested in periods of volatility.
Clients approaching retirement could be served content that helps them prepare for that shift, while those with young children could be nudged to start thinking about school fees.
When combined with the targeted support proposal in the current advice guidance boundary review and with the content generation possibilities of artificial intelligence, this could be powerful.
Just like your bank when it needs you to look at something, you’ll be able to message your clients securely within an app and share any relevant documents.
If you need them to take action, you can prompt them. If they don’t respond to the first notification, they’ll get automated reminders.
The time saved could drive huge productivity gains, opening up capacity for firms to grow and scale their businesses, and enabling more people to access the advice and planning they need to fund the lives they want.
For the financial advice industry, the time to enter the mobile age is now.
By putting the financial plan in the palm of the client’s hand, firms that embrace the new technology can create meaningful digital engagement that enhances client relationships, while dramatically reducing the cost to serve.
Ben Goss is chief executive of Dynamic Planner
