5 considerations to help you structure your business for digital and hybrid advice – client, service, or task?

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By AdviceBridge

In the final of a three-part series about creating an omnichannel advice solution, find out how you can structure your business to provide digital and hybrid advice, and why it matters.

As we are all aware, the pandemic has accelerated the financial services industry’s move towards embracing digital advice solutions in line with customer needs and expectations.

Read more: The figures don’t lie: Why advice firms must provide all three engagement channels (adviser, digital, and hybrid) for all client types

The changes we have witnessed over the past couple of years have seen the population adopt online behaviours that are likely to remain, even after we know what the “new normal” looks like.

In the early phase of the pandemic, many wealth managers were quick to invest in software tools to help their teams serve clients remotely. There has also been continued investment, in both time and money, to integrate channels in an attempt to create a seamless customer experience.

Tools being used don’t always integrate well with existing technology

While this is good news, the tools being used don’t always integrate well with their existing technology. And, because many firms rushed into finding solutions while under pressure, the tools chosen don’t always match well with a firm’s strategic objectives either.

This has resulted in many firms paying more for a complex network of channels that they must manage. In effect, they have added complications to their working practices, yet failed to change the client experience.

If your advice firm is in this situation, take a step back, re-look at your technology stack, and consider a more strategic approach.

Here are five steps you should think about:

  1. Consider how your new technology sits with your business strategy and technology stack

It’s important that you reflect changes in your workflows and processes across your technology platforms. This should include your data collection tools, guidance and advice integrations, and investment platforms.

  1. Does your digital-first approach address your client needs?

Leading with a digital approach should transform your advice process. You should anticipate having to adapt to a more proactive way of working, rather than the current reactive state you are probably used to. This proactive state should be a natural by-product of increasing the volume of client data available.

  1. Provide an outstanding client experience by making your life easier

The right automation can transform the adviser experience, which, in turn, transforms the client experience.

Many firms find that employee motivation can be damaged when having to deal with repetitive administrative tasks. Non-negotiable jobs such as KYC (know your client), fact-finding, and manual client onboarding can reduce job satisfaction and hamper productivity.

The time you can save with automated fact-finding can transform your business. It can save between 30 and 45 minutes of client-facing time, allowing more time to focus on understanding clients’ needs and objectives.

As an example of possible time-saving you can achieve with the right tech, AdviceBridge can cut the time spent on new clients down from the typical 35–45 hours to 6 hours, including meetings.

This means you can save up to 85% of the time it might take otherwise.

Integrate the right automation into your advice process and you can free up more time to focus on core business activities. This should help you to reduce the cost of acquiring new clients and reach new target audiences.

  1. Choose automation tools that are compliant

Opting for automation tools that are compliant can help you reduce the workload of dealing with new client segments.

Some tools, like AdviceBridge, provide advice recommendations on a host of topics, such as:

  • Retirement planning
  • Consolidation of assets
  • Portfolio rebalancing
  • Automated savings.

With the right software, some of the more straightforward aspects may be achieved without the need for adviser contact, although the option should always be available, should the client want it.

  1. Aim to provide more than just money management

If you want your digital advice model to succeed well into the future and continue to attract new relationships, make sure your solution provides more than simple money management.

Few clients want to rely solely on digital advice. So, aim for a hybrid digital and human business model to deliver a proactive, personalised, and consistent user experience.

The simple and meaningful interface provided by AdviceBridge creates an engaging experience by allowing your clients to see how altering their finances will affect them now and in retirement. The app sends you helpful alerts with any updates or changes in your clients’ financial situation, enabling you to deliver timely, on-point advice with minimal effort.

Get in touch

If you want to find out more about how AdviceBridge can help you provide hybrid advice to your clients and grow your business, please get in touch.

Email hello@advicebridge.com or call us on 020 3925 3850.