How technology can turn scheme members into financial planning clients

By AdviceBridge

Financial advisers who service group schemes have a large pool of potential clients at their fingertips.

Like the rest of the population, many employees need help with their finances – whether it’s starting to save and invest, knowing how to build their wealth tax-efficiently, or preparing for retirement.

Research by the Financial Conduct Authority (FCA) suggests almost half of employees worry that they will be unable to retire because of the state of their finances, and one in three loses sleep because of this.

Financial planners who are active in the employee benefits market are in a perfect position to assist. The FCA survey found 57% of employees want financial advice in the workplace, and 33% said they would pay for an in-house financial adviser provided by their employer.

“Employees are often overwhelmed with the various resources available and are sceptical about how the financial services industry can help them,” the report stated. “They trust employers more than many other groups; hence, employers can play an important role in addressing this challenge.”

The cost conundrum

It’s clear there is an appetite for financial advice among employees. But how do financial advisers go about serving these potential clients in a cost-efficient way?

For many firms, it’s simply uneconomical to provide a full-scale financial planning service to every employee.

Financial planning can be a comprehensive and, at times, laborious process that stretches from finding out the client’s aspirations to analysing their current finances to creating a solid financial plan. Once the plan has been created, financial planners devote additional time to implementing their recommendations and monitoring the client’s portfolio.

Although some employees may have complex advice needs or considerable wealth, it’s likely that many are just starting out on their saving and investing journey. Delivering comprehensive financial planning to these clients has traditionally been unprofitable for the majority of firms.

The role of technology

Technology enables financial planners to offer advice to employees, no matter where they are in their financial planning journey. This is because technology lowers costs and increases efficiencies.

For example, AdviceBridge’s retirement planning app lets financial planners offer a centralised retirement proposition that is personalised to each employee. The app shows what employees need to consider when planning for retirement, including how to avoid the pitfalls, make the most of their savings, check their goals are on track and improve their financial resilience.

Powered by proprietary SmartAdvice technology, it provides fully automated digital retirement advice and guidance, enabling financial planners to deliver personalised financial advice efficiently and profitably.

Turning members into clients

Technology is all well and good, but how does it actually turn scheme members into financial planning clients? There are several ways:

  • By showing how the employee’s finances stack up, technology may uncover an existing advice need
  • Technology introduces employees to the benefits of financial planning, thereby helping advisers to convert them into clients in the future
  • Technology helps advisers build a pipeline of clients who know you’re always available should they need additional help
  • Employees can access the benefits of financial planning without the cost barrier
  • It can ‘nudge’ employees to take action when their life or financial circumstances change.

A win-win situation

Making financial advice accessible to employees is a win-win situation for everyone involved.

Employees are supported in saving and investing appropriately and building their financial resilience. Employers benefit from improved employee performance through an increased sense of financial wellbeing.

Financial planners are able to grow their business and increase profits by tapping into a potential bank of clients. Not by searching for new leads, but by serving the people who are already at their fingertips.

Get in touch

To find out how AdviceBridge can help you build your business, please get in touch. Email or call us on 020 3925 3850. You can also visit our website at to book a quick demo with our friendly team.