MyPrivateBanking Blog
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Archive for the ‘client meetings’ Category

The changing role of wealth advisors

Friday, January 16th, 2015

Remember Inspector Gadget, the detective who solves cases with the help of high-tech devices? Totally futuristic in early 80s, the concept is easily applicable to today’s financial advisors. While particularly the advisory services for the mass-affluent experience a severe threat from the booming robo-advisor industry, we forecast a pressing need for HNW clients’ advisors to redefine their role, too.

In Private Banking, advisors or relationship managers as they are called there, will not disappear as the main interface to the high-net-worth client. Digital innovations like robo-advisory tools, mobile apps, video conferencing, or social media dashboards will support and improve the advisor’s work. Just like her cartoon sibling, the new advisor is combining her human benefits (the emotional intelligence) with the technological benefits (the data, analytical and visualizing part). The new advisor will be – like Inspector Gadget - inspired by Cyborgs, bringing together the best of human capabilities and machine intelligence.

The new advisor offers to her clients support and coaching across all channels in real time in an increasing personalized way. Big data tools help her to identify relevant information to recommend the right products at the right time. Social media compliance tools deliver the compliant framework for advanced client communication, and sophisticated video conferencing tools allow for flexible advice anywhere and anytime. Thanks to dedicated mobile apps, client meetings improve in terms of quality, engagement and efficiency.

Watch out for our upcoming report on digital interfaces for financial advisors this spring!

 

The Best Five Client Meeting Features

Friday, March 7th, 2014

Having researched the performance of the main players in the market in our report, ‘Mobile Apps for Financial Advisors 2014’, published on Wednesday, MyPrivateBanking’s researchers came across several features that enhance client meetings in a way that is not only new but thrilling, reflecting the sheer scale of technical innovations in this field.

Here are our top-5 for this year:

  1. Co-browsing – A great opportunity to smooth follow-up meetings that saves time and enhances clients’ experience
  2. Client matching app – An increasing trend in the market that enables the end-client to interact with the advisor through an app of their own and to perform portfolio analysis or initiate trades
  3. Community/Chat function – A highly interactive tool that enhances client-advisor relationships through offering a new channel for correspondence and collaboration and generally making the client feel they are connected
  4. Interactive graphical tools – In this area we could see some of the greatest improvements-these tools range from interactive timelines that are linked with affirmative/negative signals to show if goals match (or not) to full multimedia document sharing tools
  5. Sophisticated document management functions – Particularly in combination with the emerging matching client apps, good document management is highly important as a means of keeping clients up-to-date and ‘in the loop’

 
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