Financial Wellbeing – Can you access all corporate employees and discover hidden gem clients?

By AdviceBridge

Health and wellbeing shot to the fore over recent years and financial wellbeing plays an integral part in this. As more employers recognise the value of delivering financial advice to their employees, advice firms are challenged to provide services to all corporate employees and not just the directors/managers who can afford the traditional services on offer.

Advisers who set up and manage group schemes can benefit from having a large pool of potential clients at their fingertips, but how do you access them, provide something meaningful, and make a profit?

With 80% of workers admitting that money worries affect their performance at work, financial planners who are active in the employee benefits market are in a perfect position to assist.

From group pension schemes to group risk solutions and healthcare and wellbeing, there are myriad ways you and your advice firm can add value.

Reaching every company member in a meaningful way

The problem comes with how to reach every member of an organisation in a way that is meaningful for them while being cost effective for you.

For many advisers, the process of onboarding staff to a pension scheme, for example, is just that – a process.

For the most part, this probably involves a brief 15-minute chat with each employee. This will go along the lines of this is what your pension looks like, this is what you are contributing, and this is what your employer is contributing.

For advisers only looking after the group pension scheme, with limited information, often this is as far as the “advice” can legally go.

Technology can improve the experience and add value for both parties

By utilising technology and putting it in the hands of employees, you allow them to take the initiative.

Technology helps employees to provide more information than traditional methods allow.

Through the app, they (and you) will be able to see in a glance:

• How their finances stack up (what’s missing and what’s required);
• Whether there are other pensions from past employment, or an additional personal pension they contribute to;
• If there are other savings and investments, such as ISAs, to be taken into account.

Solutions can allow simple guidance through to full financial planning by offering employees much greater understanding of their finances, via an adviser, through their employer.

Technology can also help you unearth hidden gems

With the app having done much of the preliminary fact-find for you, it should enable a much more focused meeting, specific to their situation, rather than the mundane group pension speech.

A great benefit to this approach is that the system can identify those hidden gem clients who would have ordinarily been completely unidentifiable through the standard routine.

As an example of how well this can really work for you, we recently had a conversation with an advisor who was able to see that the person they were meeting had £750,000 sitting in a cash account. This meant that the advisor was able to have a more detailed conversation and take them on as a private client, benefiting both parties.

Use tech to help you build a pipeline of opportunity

With AdviceBridge helping you engage employee interest and gather information, you are well-positioned to build a pipeline of prospective clients, while providing greater financial wellbeing to a much wider audience.

Technology can help you engage better and more easily with every member of a firm you are working for and go outside the box-ticking exercise of delivering the group pension scheme. Instead, the work that you do on behalf of the employees becomes a true and lasting benefit that counts for something and is both meaningful and tangible.

Plus, by extending the service beyond what the directors might traditionally have expected, you can deliver above and beyond, without breaking a sweat.

Get in touch

To find out more about how you can use AdviceBridge to service group schemes more efficiently while building a pipeline of prospective clients, email hello@advicebridge.com, book a demo, or call us on 020 3925 3850.