Financial and advisory firms are rapidly improving client portals. In essence the firm provides the client with something of value which binds the client to the firm’s platform and leads to further business opportunities. The client assesses future actions and investments using his client portal and gathers information via the firm’s website.
If future client actions can be predicted, the opportunity for both product and service placement is immense. Massive spending on AI, with its predictive capacity, is hoped to enable client portals to deliver great benefits to the “gatekeepers” as well as benefits to clients by having more selective product and advice presentation.
What type of value inducements have been utilized for client portals?
Providing a client portal creates value value for a then sticky customer.First came simple calculators and general investment advice blogs. Then came innumerable offerings of budgeting type apps helping clients with their personal spending. Then came investment monitoring apps, collecting all financial spending and daily net worth estimates by amalgamating live feeds from all client banking and investments. Robo advice and “free” investment offerings in a selection of ETF portfolios are now being offered in the client portals of some large institutions.
While each of these inducements offer value to their clients, each is somewhat limited. How many clients will follow a strict budgeting regime for long? Why is it necessary to know what your total wealth is at the end of each day? This is an inducement to trading activity, not to long term wealth creation planning. Close monitoring of spending and investments does however allow an adviser to give proactive advice, even though clients may find this somewhat intrusive.
Financial Mappers Pro, client shared cash flow modelling software, now offers financial and advisory firms a fully developed client portal alternative. The client is supplied with the ability to create their own short term financial plan, incorporating every aspect of personal and investment finances and intentions. The very valuable personalized financial portal will be used to assess any financial decision.
White labelled Financial Mappers Pro allows financial advisory firms and institutions to offer an extraordinary client portal.
In August, 2021, the software was upgraded to allow advisers and clients to exchange information, including reports within the Client Portal. The adviser will no longer need to use emails when transferring confidential files.
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Looking for a Bespoke Product for your financial institution? Find out more on the webpage for Bespoke Products and contact Glenis Phillips – 1300 165 945.
Dr David Phillips – CEO Director of Plencore Wealth Ltd (T/A Financial Mappers)
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
