Is your wealth management business as mobile as your clients?

Two Business coworkers walking along elevated walkway

Can you imagine going anywhere these days without your smartphone? Me neither.

In a few short years we’ve become wedded to our mobile devices. It’s less than 10 years since the launch of the first iPhone. iPads only came to market in 2010, heralding the tablet boom.

More than a third of UK consumers now use their smartphone as their primary internet device, overtaking computers for the first time. As wearables evolve too, the mobile trend is only going one way.

Move with the times

What does this mean for today’s wealth management firms? Basically, there is no choice, mobile capabilities are a must.

Clients have got used to sophisticated digital experiences in all other areas of their lives. Why wouldn’t they expect the same from their wealth manager?

It can’t be a half-baked effort though. Something may be better than nothing, but only just.

Increasingly, clients want multi-channel mobile capabilities that make it easier to do more things: not only access portfolio information, but communicate and transact business.

That means providing more extensive, functionality-rich and highly-secure tools, ones that enable users to follow and analyse portfolios on their mobile devices, get access to high-impact investment research, choose secure communication channels such as instant messaging or video chat between clients and advisors, and even deliver relevant lifestyle content.

Arming advisors

Advisors and relationship managers want greater mobility too. They need the freedom to meet prospects and clients where they want, and have the tools to onboard clients, provide advice or discuss their investments.

For example, equipping advisors with tablets – backed by a powerful and secure engine able to deliver real-time portfolio and performance data that allows them to generate custom reports on the spot – can only enhance the impact and personalisation of those client meetings.

Fingertip access to investment and risk profiling information enables advisors to offer relevant services and products too. Think of the upselling and cross-selling opportunities that could produce.

The upshot will be more satisfied clients with a clearer sense of the value they receive from your firm.

Posted in Asset Managers, Trends, Wealth Management, Wealth Management and Financial Planning

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