1 year ago

Blue Chip Issue 80

  • Text
  • Fintech
  • Technology
  • Dfm
  • Equity
  • Management
  • Schroders
  • Advisers
  • Planning
  • Financialservices
  • Momentum
  • Asset
  • Wealth
  • Investing
  • Portfolio
  • Global
  • Advisors
  • Infrastructure
  • Funds
  • Retirement
Blue Chip is a quarterly journal for the financial planning industry and is the official publication of the Financial Planning Institute of Southern Africa NPC (FPI), effective from the January 2020 edition. Blue Chip publishes contributions from FPI and other leading industry figures, covering all aspects of the financial planning industry.

What if we considered

What if we considered technology as a key ingredient to improve client experience, potentially at the cost of efficiency? A successful financial advisor from Johannesburg recently shared a powerful story with me. They employ a full-time driver to be able to transport clients to and from the airport when they travel, hospital when they are sick and even to their office to attend meetings. What struck me was not the fact that they are doing this but by the strength of the personal bond that clients have formed with their driver. He is a critical piece of their experience team, and this is one experience that a ride-sharing app will not be replacing soon. Rethinking the role of support staff, who would typically deal with administration and “back-office” work, as an element of your experience team, showing the client what happens behind the scenes. What we have found is that clients are often surprised by how much work and effort it takes to get and keep their finances on track. Like seeing the head chef and his team at work in a Michelin star restaurant. We are not in the job of manufacturing financial plans; we are in the job of helping people adapt to change. One question we often ask our clients is, “Who else can help you with this change?” The main purpose behind this is to create a structure of support and external accountability to help the client stay on track. This is a brilliant place for technology to create automated check-ins through push notifications on a client’s cellphone, automated emails or even just a quick text message to let them know that we are here to support them in their journey. It might not be the most efficient use of resources, but it creates a more valuable experience. The rise of low-code platforms like Podio, Notion and PowerApps means that almost anyone with a laptop and an Internet connection can build a technology solution that fits their client experience. This all without the need to hire a software developer. There will still be the need to integrate with more specialist tools when it comes to the heavy lifting of financial planning scenarios and portfolio analysis. These tools are well-suited to improve the core tasks of client onboarding and reviews. My take is that the use of technology must reach the Goldilocks Zone: not so efficient that it costs the client experience dearly and not so inefficient that the business cannot grow. Just the right balance to turn your client into a raving fan with a massive smile on their face. Louis van der Merwe CFP®, Director, WealthUp 40

Customer-centric software to grow your financial business The evolution of software means clients expect “always on” access to data to make informed decisions about their finances. But as an advisor, where is your competitive advantage when technology already enables easy access to information? Today’s tech-savvy clients require delightful, intuitive and convenient solutions that fit into their everyday life. To meet these needs, financial advisors need customercentric software that enables them to provide a premium advice experience for their clients, says Barrie van Zyl, head of account management for Iress, South Africa. Van Zyl highlights four ways to enhance client centricity in your business practice: Prioritise personalisation Instead of a one-size-fits-all approach, create unique client experiences that go beyond putting your client’s name into a mass email. New technologies like Xplan Prime, coming soon to South Africa, simplify the process of delivering advice experience at scale using goals-based recommendations. Make time to meet Although face-to-face in-depth debriefs are currently challenging, make sure that you are still meeting your clients beyond the mandatory annual review. Xplan users can create, schedule and Klee_Job.pdf 1 29/06/2021 13:06 launch instant Zoom video meetings with clients from anywhere in Xplan - saving time and minimising context switching. Content is king PDFs and Excel spreadsheets are now becoming nostalgic. Move on to more memorable methods of engaging with clients by bringing your recommendations to life with rich media content. Digital statements of advice use cutting-edge graphics and animations while features like Cashflow Visualise in Xplan, helps advisors more easily demonstrate cashflow modelling. Make information even more accessible with self-service Make it easy for clients to access information about their finances by introducing a client portal, and you’ll satisfy their need for peace of mind 24/7, without having to lift a finger. Work smart by providing an accurate picture of your clients’ financial future in a personalised, easy to understand way. Visit to put your clients’ needs first. Advice software. Built for better performance

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