Technology could enhance engagement
While technology could help provide a solution to planner concerns around how best to service ‘C’ and ‘D’ clients or deal with opt in, the priority should be on optimising client engagement and the rest will follow, according to Decimal managing director Jan Kolbusz.
Regardless of what legislation is introduced, engaging better with clients on an ongoing basis is a common aim of all financial advisers, Kolbusz said.
Technology that rapidly develops statements of advice (SoAs) or helps planners monitor whether a client has opted in or out and facilitates that process is not the main game, he said.
However, a collaborative tool that incorporates instruments such as online calculators and portfolio management – and can generate statements and reports as well as newsletters – could improve adviser/client interaction, Kolbusz said.
If a client is able to investigate this in their own online account (with or without an adviser) and the adviser is able to view what the client has done, then this could help make the client better informed before meetings with the adviser and enable the adviser to know more about the client’s financial situation, allowing the adviser to spend more time on actual client interaction, he said.
What would normally involve several long meetings – which can be difficult to justify with C and D clients – can happen more quickly because the fact find results from clients having a play around with the system, he said.
All these pieces of technology such as SoA generators, portfolio reporting tools and calculators exist separately, but just need to come together at the one vendor on the same database to drive those efficiencies – a system Decimal is in the process of implementing at several practices and super funds, Kolbusz said.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
