Lange has a similar experience with his client base: “We’re most likely to see someone in active drawdown regularly using the portal to assess their portfolio and give us updates on any changes in circumstances or new objectives, rather than someone still in the accumulation stage making regular contributions.”
3. Using technology inhibits the human relationship
In today’s connected world, there is a growing expectation that we can deal with providers across multiple channels.
While two-thirds of retail sales are in physical stores, the shopping journey is becoming more hybrid.
Research by Barclays suggests that just 26 per cent of consumers research new products in-store only, with the majority preferring to do so both on and offline.
The analysis also finds that just over 50 per cent of retailer revenue is driven by digital channels, far higher than actual online sales according to ONS data, reflecting that consumers are engaging digitally, but often complete a purchase in-store.
Lange says that rather than detract from the human relationship, providing digital access via a portal in the firm’s brand can actually reinforce the importance of the adviser within the client’s financial ecosystem.
He explains: “When looking at the value a firm provides its clients, being able to say 'I've got a digital portal where my clients can interact with me and access information whenever they want' is really powerful.
"And as the portal is in our firm’s brand, we’re a constant companion for the client, so to speak, when they access their financial planning information. It reinforces our unique position as the intermediary between the consumer and the wider marketplace and helps clients recognise the value we provide.”
The advantages of using technology to improve efficiency within the advice process are well-established and extending this by allowing clients to access financial planning information digitally can also be hugely beneficial.
Not only can it reduce the administrative burden by enabling clients to receive, sign and return documents and update their personal details securely online, but it can also improve engagement and underscore the value of advice.
With people of all ages becoming evermore comfortable transacting online, firms need to consider how to meet increasing client expectations of digital access, or risk falling behind the rest of the profession.
Richard Wake is the chief customer officer at Intelliflo
