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Delivering a good client experience that is also compliant involves so much more than preparing a recommendation. When systems are fragmented, meeting your regulatory requirements can swallow up huge amounts of administrative time. Invest in a more connected approach and the advice process becomes easier to manage, as compliance checks are built into everyday tasks.
Client information should not exist in several different places across an advice firm. One connected record brings the entire advice journey together, giving you a more consistent and scalable operating model. And with the right support from your platform provider, it’s easier to achieve than you might think.
A good client portal doesn’t make advice feel less personal. When it looks great and operates well, it has the opposite effect. It gives users easier access to their investment information, leaving advisers more time for the conversations that matter the most.
No advisory firm sets out to build a fragmented technology stack. It happens gradually. A CRM here, a cashflow planning tool there. A risk profiler from one provider, a client portal from another, the list goes on. Before long, your advisers are logging into eight or ten different systems simply to complete one piece of advice. It has become accepted as ‘just the way things are,’ but is that really good enough?
When we launched AdviceObjects, we adopted the financial industry standard pricing model – per user licences. It’s simple and easy to understand. You recruit another adviser, paraplanner or administrator, you buy another licence. But, as we’ve watched our clients grow, something has become increasingly clear. Success should be rewarded, not penalised.
Onboarding is one of the most important steps in the adviser/client relationship, yet for many firms, it is also one of the biggest administrative burdens. The good news is, you no longer have to choose between efficiency and compliance. With the right technology, you can automate much of the process and offer a highly personalised experience.
