If you believe digital tools run counter to the power of traditional planning and advisor-driven relationships, think again. As the industry evolves and as client expectations change, consider a digitally enhanced approach as an opportunity, not a threat, particularly for multi-gen client growth.
Here are three ways digital advice tools can help deepen your client relationships.
As digital use grows, clients — especially high-net-worth investors with complex planning needs — prefer a combination of automated tools and access to a trusted advisor, according to a recent Accenture study.*
Digital technology also lets you automate parts of the planning process, freeing up more time for you to focus on deepening relationships. Providing a mix of self-directed tools plus human insights and understanding can help clients successfully navigate the complexities of investing and financial planning.
“Our digital platforms let clients play with assumptions and save new scenarios for their goals, which alerts advisors to review them and leads to a valuable discussion about their goals and next steps to achieve them,” says Marcy Keckler, Vice President of Financial Planning and Advice Strategy at Ameriprise Financial. “Digital technology adds value to client relationships while ensuring advisors retain control.”
Many advisors find success transitioning from managing a client’s accounts to collaborating with them on their overall financial life — and technology is an essential aspect of this evolution.
“We use a comprehensive suite of cloud-based marketing and planning capabilities, including integration of two industry-leading financial planning tools into our overall advisor and client experience, to provide unique visibility into held-away assets,” says Keckler. “Advisors can choose the tools that work best for them, whether they like to be deeply involved in the details or prefer a simpler, more turnkey solution.”
Using the right tools helps you give clients the support and access to information they need so you can spend your time with them driving conversations and providing valuable advice.
With the ongoing transfer of wealth to the next generation, it’s more important than ever to leverage digital tools to grow your client base and revenue streams.
“Use technology to enhance, not replace, your client relationships,” says Bryan Doherty, Senior Vice President of Technology at Ameriprise Financial. “For example, webcams allow all clients to continue meeting ‘face to face’ with their advisors remotely if they’re vacationing or have moved elsewhere.”
Just as social media helps all generations stay better connected to their social life, financial technology enables better connections to their financial life — fostering greater accountability and enhancing confidence.
Used effectively, it can help you deliver the expertise your clients value while deepening your relationships.
To learn more about digitally enabled advice, tools and support, call 1.866.806.9984.