Emily is a business analyst at Advicent, and she is passionate about delivering an unprecedented client experience that is being demanded in the market today. By leveraging the knowledge and expertise of her UX and development teammates, she is certain her goals will be accomplished.
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There are many perceptions of financial planning—good and bad—around which advisors must work, and the idea of “acting in the clients’ best interest” has been the focus of the industry for the past year. With June 9 approaching, the current implementation date of the Department of Labor (DOL) Conflict of Interest Rule, there is still a lot of confusion concerning the impact to advisors and firms. In order to ensure their clients have an understanding of the value of the service, advisors must be armed with industry-leading tools.
As an individual who is new to the FinTech space, I have found it very interesting to see advisors’ views of the data collection process. Through research and usability feedback, I have observed concerns regarding how to best service clients while trying to gain and keep their trust.
I have heard questions such as, “Are my clients going to be willing to take the time to fill out an electronic fact finder? Will they trust me enough to aggregate their accounts through an online portal? Is there a perception that I, as the advisor, should be doing this work?” Advicent has addressed this perplex situation through digital data collection and a best-in-class financial planning client portal.
Leveraging FinTech to save time and build client trust
Growing up in a household of entrepreneurs, it has been ingrained in me that the saying “the customer is always right” is true but only to a certain extent. In many cases, a client may not understand the benefit to cost ratio. Time is a huge cost with which many people are unwilling—or unable—to part. The Narrator® Clients powered by NaviPlan® portal offers the opportunity to quickly aggregate accounts and input necessary demographic and financial information through an easy-to-use, secure site that saves time for both advisor and client.
In additional to saving time, many advisors inquire about client trust — “How do I gain the trust of a new client and ensure them that I am acting in their best interest?” Trust is constantly at the forefront of financial planning, with or without new regulatory changes. By utilizing a truly transparent and collaborative tool to gather client information, an advisor can be confident in their ability to gain that expected level of trust.
The Narrator Clients portal assists the advisor in digital data collection—through the Financial Profile fact finder—and account aggregation provided by Quovo®. With less focus on data entry and gaining insight into held-away accounts, advisors can concentrate on their clients’ needs and expectations by building that personal relationship. Clients benefit from the ability to have a greater impact on their financial future through a more collaborative financial planning process.
With the Narrator Clients portal, clients can breathe easy knowing that they provided an accurate picture of their financial situation to receive quality advice, and the advisor can utilize that information to appropriately analyze their goals and create a holistic plan.
To read the rest of this Narrator Clients powered by NaviPlan series, visit the following articles:
Part 1: Rapid client onboarding with Narrator Clients powered by NaviPlan
Part 2: Holding more valuable clients meetings with Narrator Clients powered by NaviPlan
Part 3: Building client trust with Narrator Clients powered by NaviPlan
Part 4: Check back on April 17!
Click here to learn more about how Narrator Clients can help you improve your digital client experience.