There is a growing recognition that the next generation coming into wealth will have different needs and expectations around service provision. They will want a different high-touch service level combined with digital that is enabled over the channel of their choice and at the time of their choosing. Going digital was an ongoing issue before Covid19 but has been pushed sharply into the spotlight as advisers and clients alike needed to find new ways to connect remotely and seamlessly engage quickly.
The quality of communication is also under the spotlight. Clients do not want to spend hours form filling, giving out the same piece of information multiple times or printing, signing and posting documents in this digital age. But what they do need is speedy and quality contact on matters of importance like if they need to discuss their portfolio quickly or if they have a significant life change or event, or just need advice and help with something. The contact needs to be high quality and limited to the things that are of high value to clients.
The firm’s adviser needs to be given equal importance in terms of providing modern practice management and financial planning software that offers superior flexibility in terms of interface, communication, functionality and automation wherever possible. Efficient digital tools will allow them to focus on the activities where they can add value and work towards having a deeper relationship with the clients; they don’t want to be wasting time doing admin.
Thus in practice, the adviser technology toolkit needs to be able to make an efficient and thorough job of each stage of the client lifecycle. From prospecting, onboarding, planning, implementing, reporting and then ongoing engagement and management, there needs to be a wealth software system sat underneath that can automate as much as possible and serve the firm to make life easier for both its clients and advisers.