Benefits for planners who embrace fintech
Greater retention and client referrals are just two of the benefits the Financial Planning Association (FPA) is identifying for advisers who are adaptive to fintech solutions.
The FPA has urged planners to “thrive in the face of change” and look to engage clients better by being adaptive professionals.
The fintech whitepaper released last week by the association touted the following benefits from increased fintech engagement:
- Higher than average net promoter scores
- Increased referrals
- Greater retention and no opt in leakage
- Higher profitability and margins above those of the average advice business
- Higher conversations from prospect to sale
“While some may see fintech as a threat, we believe if presents financial planners with an exceptional technological opportunity to engage clients in new ways,” said FPA chief executive, Dante De Gori.
“When it comes to financial planning, [clients] desire easier and more efficient interaction.”
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