Posted by:Richard Smith June 24th, 2013

A recent survey of 400 U.S. financial advisors by Accenture reveals the popularity of new client interaction mediums such as mobile apps and social networks. The study also shows that advisors overestimate clients’ investment knowledge as well as risk appetite, a clear indication of the peripheral nature of current client advisor interactions. The skewed perception has led to client frustration, disappointing portfolio performance and client’s lack of confidence in advisors today.


Young financial advisors have started leveraging mobile devices to improve client advisor interactions, a trend that’s been picked up by wealth management companies. The advantages of real-time access to information, constant connectivity, and multimedia support have opened up innovative communication options and enhanced operational efficiency for enriched interactions and more value to customers.

The chasm in client advisor interactions

According to the Accenture survey, there is a huge gap between what advisors perceive and what clients feel. The survey throws light on advisors’ erroneous evaluation of their relationship with clients:

  • 42% advisors describe their clients as ‘very knowledgeable’ versus 12% investors themselves
  • 1% advisors state investors are ‘not knowledgeable’ versus 25% investors
  • 28% advisors believe investors are aggressive versus 13% investors
  • 67% advisors claim a ‘personal’ relationship with clients but only 38% clients agree
Clearly, advisors are not grasping clients’ actual views, knowledge levels, and expectations during interactions. This could be because many advisors still follow the tradition of carrying paper information with them – outdated information, portfolio data, and investment option brochures as they do not have access to the right technology solutions.

Mobility solutions for the financial advisor – scenario planning

Mobile devices are disrupting how industries work. The finance industry has been slower than most to catch up but it’s getting there. financial mobile apps are helping advisors add value to their clients’ portfolio and enrich the relationship with anytime, anywhere access to real time information, multiple communication options, instant connectivity, constant engagement via mobile solutions and social media, and most of all, scenario planning.

Clients can study financial jargon to understand investment options but one thing that’s truly confusing for laymen is scenario planning. Predicting financial outcomes for your retirement years or other needs like college and weddings is a huge challenge not only for clients to comprehend but also for advisors to explain clearly and accurately. Mobile applications offer a solution.

With a mobile solution on say, an iPad, an advisor can bring up adhoc reports based on multiple input sources that can be tweaked randomly for scenario planning. They can also demonstrate returns by including the impact of external influences like inflation, market climate, and other inflection points. Visual reports such as charts and graphs are easier for clients to understand and use to make informed decisions. Advisors can help them compare finance options by demonstrating predictive outcomes of various schemes virtually, then funnel clients towards a strategic financial plan to meet their performance goals within risk limits.

Mobile apps enrich client advisor relationships by helping advisors build strong portfolios for clients to weather contingencies and live comfortably during their golden years.

So, eager to learn why your business MUST take notice of Mobility ? Or want to decide which app is a right fit for your business? Download your choice !

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