Advice firms that do not have a client portal are less valuable to potential buyers than those that do. That was the view of those taking part in a panel discussion on the subject at the Empowering Advice Through Technology (EATT) conference. Chaired by Ian McKenna, Founder of F&TRC, the panel emphasised that a client portal is not merely a client tool but a "strategic enabler" for advice firms.
Jon Dear, head of advisory operations at Hargreaves Lansdown, said: “If you haven’t got a client portal I would say, go and get it sorted. There are so many reasons, not least the value of your business. In this age of consolidation, companies that have a digital engagement with their customers will be worth more than those who don’t.”
Chief executive of TFAS Wealth Ltd, Jeff Lange added:
“I would argue anyone who does not have a financial portal needs to get on board and sort it out. It doesn’t have any negative sides, only positive.”
Jon Dear, head of advisory operations at Hargreaves Lansdown:
“A portal enables you to put your brand front and centre and remind them (clients) of the importance of what you do.”
A moneyinfo branded app complements your service and reflects your brand perfectly, our client portal puts your clients at the heart of your proposition. Building trust, increasing engagement and enhancing client loyalty.
“If there is something coming out of a platform or out of an insurer, it should be going through the adviser,”
- Jon Dear, head of advisory operations at Hargreaves Lansdown
We make every single touchpoint more efficient. Less paperwork, automated reporting and full integration with your platforms, providers and the other technologies you use. Saving you time and improving profitability.
It’s not just for the next generation
Ian McKenna, Founder and CEO of FTRC, cautioned against the misconception that client portals are exclusive to younger consumers. Jon Dear echoed this and told delegates that:
"a client portal is not only for the next generation, but it is for this generation as well."
This is backed up in a survey of 2,000 investors by Refinitiv which found that
89% of your clients want an app.
Both Lange and Dear agreed that client portals could also be a ‘neat way’ for advice firms to solve the intergenerational wealth issue.
“The next generation will absolutely expect it,” said Lange. “The younger you go, the higher the expectation they can click on an app and get the information they need.”
Ian McKenna sums it up nicely,
"In a digital world, every firm should be aiming to be that primary source of information."
He highlighted that clients should have access to everything advisers do and advocated for a shift in terminology:
"Stop calling it a client portal; it is a digital representation of your business."
Still confused and a little nervous about making the leap to digital? With responsive telephone support, free training, regular user forums to encourage idea sharing, and your dedicated adoption manager ensure we will build you the perfect solution to address the challenges of the 21st century.
Think of us as your digital partner
Dan McMahon, a partner at Hymans Robertson Personal Wealth shares this view and explains how they’ve embedded the portal at the heart of their technology ecosystem.
“The team, the values and the technology roadmap is very much aligned with our own. It’s for that reason that we refer to moneyinfo as a partner rather than a supplier.”
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To read the full articles, please click on the links below.
Advice firms are ‘less valuable’ without a client portal
Advisers urged to adopt client portals to add value to their firms
A portal is not a client tool - it is an "enabler" for advice firms
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