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The hybrid adviser

The hybrid adviser delivers advice to more clients more profitably by using a digital channel to complement their service.

According to research conducted by Octopus Investments, three quarters (76%) of advisers expect a hybrid financial advice model will be the future.

“Our financial lives are deeply interwoven with our personal, professional, and family lives, which are rarely straightforward. When making big life changing decisions, we need someone able to listen, build trust, and empathise with our goals. Advisers know this better than anyone. The real opportunity lies in combining that human touch with smart technology .” Ruth Handcock, CEO of Octopus Investments

Advisers believe a hybrid model for financial planning is the future

Advisers with creativity, empathy, kindness & care can benefit from systems that take away the grunt work and leave them to concentrate on helping their clients achieve financial peace of mind.

During lockdown, advisers have had more face-to-face time with clients than ever before without leaving their home. There have been significant cost savings, efficiency gains and an improvement in the work-life balance. 

Productivity is up, cost is down.

The benefits of face to face advice V2

The benefits of face-to-face advice

This is an example of how hybrid advice, the combination of digital technologies and the human adviser trumps robo-advice and is far more efficient than the traditional model of client visits and paper mountains.

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Having taken the first steps to a hybrid-advice model, we can help you overhaul your business model starting with the client relationship and moving back through every process in your business.

We work with advisers in four steps to ensure they can take full advantage of a digital service platform:

Step 1: Connecting digitally with your client

Your clients are using Facebook and WhatsApp to communicate with their friends and family. The technology you deliver your clients has to make their life easier.

You do this by ensuring your app is available on all the technologies they use, their smartphones, tablets and PC and that is meets their expectations for usability. As a starting point it should help them access and organise their financial paperwork whenever they need it and communicate securely and easily with you, their adviser.

It should add to their financial peace of mind, knowing your app is protecting their financial data and making it accessible whenever they need it.

Step 2: Better than Special Delivery

With your client using your app, you now have instant and secure delivery of your paperwork, with the ability to track delivery, receipt, opening, acceptance and signing. Both you and your client get a complete record of all correspondence so there is never any doubt what was said.

The differentiators are speed, security and mobility. The time to send a message compared to generating a letter through word is seconds rather than minutes and there’s no chance of your message getting lost in spam.

Step 3: Efficient Processing

The combination of digital communication, video meetings, and a secure and efficient method for delivering and receiving paperwork allows you to reengineer every step of your business including onboarding, client reviews and rebalancing. Processes that currently take days to complete can be done in minutes through your own branded app.

Most importantly, you save on travel time and help save the planet by moving paper to digital communication for every part of the client journey. 

You may have clients who still insist on receiving paper copies but when you explain the benefits of receiving everything electronically both through increased security and helping to save the planet, most clients can see the benefits.

One particular client suggested he loved getting his paper copies but acknowledged he never looked at it beyond an initial glance.

Neil Wattam. co-founder, Wattam Kirby Mee.

Step 4: Adviser Engagement

Advisers often rely on their their paraplanners and assistants to furnish them with the information they need, whereas the hybrid adviser can access the information they need (up to date valuations, communications, reports etc) wherever they are through their smartphone, tablet or PC.

It’s not just your clients who get an app on their phone. moneyinfo allows everyone connected to the client, the adviser, the client team and professional connections to stay in touch securely.

With moneyinfo your whole business is connected and secure.

To move your business to a hybrid advice model and take full advantage of a digital service channel click here to arrange a demonstration.