Mik Cons, CEO of moneyinfo Limited
Let me summarise my previous articles.
Robo-Advice is coming. Most of what we do as an industry could be automated to a large extent and we could be made much more efficient. If you don’t accept this, you will be replaced by a new breed of technology driven businesses who will use Robo and Digital to enhance their service.
Remember, service is the one thing we all say is the foundation of our business. So someone offering a better service to your clients for half the cost is going to be a threat.
"Someone offering a better service to your clients for half the cost is going to be a threat...”
So here’s a few things to think about:
When you’re looking at building a digital strategy for your business, start by thinking about the things we like which simplify our lives. Great examples are Apple, Amazon, Uber, Facebook, contactless payments (especially on the tube), online grocery shopping and online banking. Why do we like these things? Because they make our lives easier.
Examples of technology we all dislike are automated phone systems and spending hours in queues listening to tinny music, masses of paperwork from insurance companies and product providers, and being asked to remember multiple logins and passwords. All of these things make our lives more complicated not simpler; the truth is that they are designed to make the companies lives better, not the clients. In an age of digital technology this is no longer acceptable.
If there’s one key message to be learnt from the new technologies it’s don’t make the mistake of introducing digital technology to make your life easier. It’s got to make your client's life easier.
Let’s think about the client… what do they expect and what do they want?
73% of HNW individuals expect digital interaction with their adviser as part of the service and this number is growing.
Your client’s expect you to deliver a mobile client portal to access your services. But is this what they want? It’s what they expect you to do but doesn’t this just give them another username and password to remember and isn’t is making your life easier not theirs? What you need to do is think about the problem your clients have and then solve it.
" Don’t make the mistake of introducing digital technology to make your life easier. It’s got to make your client’s life easier...”
What do client’s want? Well the problem we all have is that we’re drowning in paper-work (most of it important). Our policy documents, insurance contracts, house-deeds, trust-deeds, our will etc. All of this stuff needs filing away somewhere. Often in bulging filing cabinets or boxes in the attic. We’re afraid to throw it away in case we need it but when we want it, often in an emergency, it’s really hard to find quickly.
Even if a client has a really good financial adviser they are still expected to store reams of paperwork about their finances. There are the statements you send them, the policy documents, the insurance contracts, the contract notes, the consolidated tax vouchers etc. Then there’s the stuff that they think is their finances which you don’t deal with. Their car insurance, home insurance, pet insurance, house-deeds, mortgage, bank account, credit cards, personal loans etc. These are their personal finances, and what we all want is a service to organise and manage all of our finances in one place, under a single log-in.
Here's what you can do for your clients; bring all that data together alongside what you manage on their behalf. You are best placed to deliver this service to your clients (for the time being) as you have access to their information.
If you provide this service, clients will use it to manage their finances. They’ll use it because it’s easier to manage when it’s all in one place especially when it's updated automatically and all of the paperwork is neatly filed away. What’s more they’ll love the accessibility as and when it’s needed – often this is in an emergency when all they’ll have to hand is their mobile phone and the first place they’ll access is your app at which point they’ll never forget how convenient it is.
What’s more, you’ve then automated the production of your fact-find. All of the information relating to what they own, what they owe, what they earn and what they spend. This is dynamite data for financial planning and the client’s done it for you because they want to.
If you can deliver a client portal that brings together all of your client’s finances in one place, one that removes all of the paperwork, then you are starting on your journey to becoming the aggregated interface for your clients. What’s more, you’ll be in a great position to look after them for life.
If you want to offer your clients their financial services iPhone moment, talk to us at moneyinfo and we’ll show you how our technology will complement your advice service.
Mik Cons - CEO
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