How technology has changed the relationship between financial advisors and their clients

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The past two decades have seen a transformation in how we interact with one another, thanks to advances in technology. From socialising online to completing financial transactions, technology has had a huge and irreversible impact on our personal and business relationships. And there are some surprising examples of how it’s affected the advisory sector.

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Looking for your dream partner

You wouldn’t necessarily associate dating apps with software for financial advisors. But startup company Zoe Financial has taken its lead from dating apps in its approach to helping investors find the right financial advisor for their needs. The idea is that their matchmaking engine filters out bad matches so that customers can choose from a shortlist of advisors that tick all the right boxes. The fact that its goal is to find a professional match rather than a social or romantic match means that the recently reported effects of ‘swipe fatigue’ are unlikely to apply.

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Robust client relationship management

These days, a good, user friendly client portal is considered essential to a successful advisory business. Dedicated in-house CRM software for financial advisors, which incorporates the automation of back office functions and compliance, has meant that advisors can spend far more time with their clients.

While investors relied on quarterly statements for their portfolio information a decade ago, today’s 24/7 online access to investments means that they can now keep tabs in real time. This in turn opens up more opportunities for customers to talk to their advisors.

A wider appeal

Technology has provided new ways to invest and to offer investment advice, from supporting the more traditional advisory practice to offering robo-advice. Now, software for financial advisors at Intelliflo and other providers can deliver the whole package, managing everything from providing financial planning to a self-service client portal.

With online portals satisfying the demands of younger generations who expect information at their fingertips, as well as automatic advice for those just getting into investing, software available today is introducing investment advice to a wider range of investors.

There’s no doubt that technology has opened up new opportunities for financial advisors to connect with demographics that were previously out of reach, and has taken their relationship with their existing clients to a whole new level.

 

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