Kelli Willmer heads up Practice Solutions, a dedicated team at Iress that helps IFAs to unlock greater efficiencies in its advice software, Xplan, and provides best practice guidance around IFA technology.
Traditional financial advice practices rely on building strong relationships through face to face contact - until now. COVID-19 has brought a host of social distancing measures that presents both a challenge and opportunity for advisers to re-evaluate their approach to digital ways of working.
Client engagement goes digital
For several years, Iress has forecasted that digital channels would become increasingly important for financial advisers to continue servicing their clients. Now we are seeing COVID-19 accelerate the adoption of online engagement tools by our clients, just as it has in so many other sectors.
To continue to provide the rich personalised client experience that people want from their financial adviser; we offer a range of technology-enabled client engagement tools.
Client portals – a better way to connect with clients
There’s an expectation that working remotely or from home means being available 24/7. A client portal is your way of realistically managing and delivering on those expectations.
Client portals enable users to quickly access information about their financial position on their device of choice, including portfolio view, transaction history and insurance coverage. Demonstrate the value of your advice by giving users a complete perspective on their financial life.
Making client communication simple and easy
Client portals enable advisers to meet the increased need for client communication in an efficient, cost-effective way.
Advisers can stay in touch with clients directly through direct instant messaging as well as broadcasting news and updates to their entire client base. This could be handy as the COVID-19 situation develops, by guiding clients through important updates relating to Government announcements or keeping them informed and on-track throughout market volatility.
With many people, now staying at home as much as possible, getting clients to sign documents can be difficult. Digital or e-signatures allow clients to sign any paperwork you want to share with them using any device. Integrated into the Client Portal and Xplan, they are a practical and essential part of your remote working toolkit.
Secure storage and transfer of documents
Encourage clients to submit documents into the secure storage feature within a client portal, advisers can provide comfort to clients that their personal information is being securely protected.
Onboarding new clients with digital fact find
Streamlining the onboarding experience can also be made simple via the digital fact find within Iress client portal – providing another opportunity to create a personalised digital experience for your clients.
Creating a successful digital advice model
While many of us are feeling overwhelmed right now, setting up a digital advice operating model needn’t be daunting. The lockdown restrictions present a valuable opportunity to reconnect with your clients and to offer your assistance to them and their families, especially those that are more vulnerable. Getting set up with a client portal may only take a matter of minutes – leaving you to focus on your business and supporting your clients through this time.
Iress can offer advice and support to help you set up your virtual office, be productive, and communicate securely.
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