Posted by:Srini Bhopal July 2nd, 2013

Financial advisors  are the customer contact persons in wealth management firms. They are responsible for advising customers on the best investment choices in view of their needs, preferences and risk limits. They are also important influencers of attitudinal and behavioral loyalty in customers – important factors that contribute to long-term customer relationships and customer retention. The last few years have seen a dip in customer satisfaction rates across many wealth management companies. While the recession is partly responsible for the disappointing performance of investment portfolio’s and the resultant angst, customers also blame advisors for taking decisions that do not comply with their risk boundaries – an indication of ineffectual client interactions.

Customer satisfaction ties in with advisor satisfaction

The quality of customer relationships also affects advisor satisfaction. According to the 2013 U.S. Financial Advisor Satisfaction Study by J.D. Power and Associates, satisfied advisors who either ‘definitely will’ or ‘probably will’ remain with their current firm in the next year believe that focus on the customer is an important value versus the bottom line. Another attractor is provisioning of tools and support for advisors to effectively service their clients.

Mobility and social media – the new age enablers


The newest tools helping advisors build client relationships are mobile devices, mobile solutions and social media. iPad app developers are seeing a boost in applications for financial advisors as enterprises distribute iPads to on-the-go wealth management professionals.

Tablets are taking center stage during client advisor meetings. Advisors can instantly pull up real time data and information from customer accounts, portfolio, stock markets, and research data. They can open portfolio catalogs at a touch to offer customers sophisticated investment products. Specialized mobile solutions help advisors ensure customer understanding of products with visuals and content support. Adhoc what-if reporting tools help advisors in scenario planning for customer benefit.

Furthermore, mobile apps and social media open up new communication channels between clients and advisors. Advisors are more accessible and responsive when they are equipped with mobile devices. They can work on the go, communicate and collaborate anytime, anywhere, and have instant access to real time data for informed and agile decisions.

Advisors can stay connected on social media networks via mobile apps to filter content, connect with prospects and engage existing clients. Within regulatory purview, advisors are leveraging social media to understand clients’ investment goals better. According to a study of financial advisors by Accenture, over 60% of Gen D (Digital) advisors are in daily contact with Gen D clients.

With the increasing pervasion of mobility and digital tools, customers are participating in online communities, forums and social platforms in an effort to educate themselves. Advisors can leverage this opportunity and customer’s openness to use virtual meetings and online seminars to engage and develop deep meaningful relationships with them.

The study further reveals the proven advantage of digital client advisor interactions:

  • client acquisitions through Facebook, Twitter and Linkedin
  • faster responsiveness to client queries
  • more touchpoints with referral sources
  • staying updated with industry news
  • higher client retention
  • easier management of portfolio
  • enriched client interactions
  • increased client transactions
Mobile apps and social media are powerful enablers that financial advisors must leverage to capture Gen D’s interest. Not only are mobile tools helping advisors forge stronger relationships with clients; they are also enabling quality customer service for higher profit and growth.

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 !

Leave a Reply

Your email address will not be published. Required fields are marked *