What About Personalizing the Experience for Advisors?

Posted by Freedom Advisors on May 17, 2023 6:34:17 AM

A great deal is being written today about the consumer demand for a more personalized wealth management experience, and rightly so. But what about personalizing the experience for advisors? After all, the best way to deliver greater personalization for consumers is to personalize it for advisors, right? An advisor can only deliver greater personalization for clients if they have the independence, objectivity, selection, tools, and flexibility that this level of service demands.

According to a study by the Money Management Institute, 55% of investors recently said the advice they currently receive from their financial advisor is too generic.

It's important to ask yourself if you are equipped to handle the increasingly personal demands of your clients, such as:

  • Exclude my company stock and its industry; I own enough.
  • No tobacco stocks.
  • Exclude Russian stocks because of what they are doing to Ukraine.
  • Automate ongoing scheduled investments, pulling from my bank account and entering trades.
  • Tax transition securities.
  • Tax loss harvest in the portfolio over time.

Thinking about the consumer experience should not be only about investing. Your client can be inconvenienced or confused by too many moving parts, too many brands, too many sites to log into or statements from many different sources. For the independent RIAs, what if your clients primarily encountered your brand? What if the only investment advisory agreement was yours, the only ADV delivered was yours, and the monthly performance reports were yours?

Do you have the ability to quickly and efficiently address the myriad of more personal, yet complex, client needs that arise, such as:

  • What if a client wants to aggregate all their assets and liabilities in one place?
  • What if a client wants to have a small account, such as a starter UGMA?
  • What if a client insists on including their adult daughter’s account in your tiered household fee schedule, even though the daughter lives at a different address?

With the right investment management platform, these needs can be handled quickly and efficiently without taking away time from your practice so you can provide even more personalized service to all of your clients.

Here are other ways the industry must personalize the advisor experience.

Personalized Client Experience

We recognize that for you to personalize the client experience you must have the platform and live support to tailor services to meet the unique needs and preferences of each client. By providing a personalized experience, you will build strong relationships with clients, leading to increased client retention and satisfaction.

Customizable Dashboard

A personalized dashboard to provide you with a quick overview of your business, including the performance of investments, incoming and outgoing holdings, excess cash positions, the status of account transfers, client birthdays, posted documents, and much more. It must be customizable because what you must monitor daily is often different than what your assistant must monitor.

Marketing Materials

Personalized marketing materials can help financial advisors attract new clients. By creating materials that resonate with the target audience, you can increase the chances of attractive clients. Maybe that is content that speaks directly to a specific niche market or segment, such as retirees or small business owners.

Automated Portfolio Administration

Personalized technology can provide you with tools to automate tasks, such as rebalancing portfolios, automated investment of incoming cash, or generating reports. You need to be able to customize and automate your work to fit your practice approach, saving time and increasing efficiency.

In conclusion, increasing consumer demands are making personalization a critical component for the success of financial advisors. Personalized dashboards, client experiences, marketing materials, and technology can all help advisors build stronger relationships with clients, increase efficiency, and provide enhanced client outcomes.

At Freedom Advisors we believe that personalization is the key to unlocking the full potential of financial advisors, and we are committed to providing tools that enable advisors to succeed. Watch our 2-minute platform overview video to learn more.

Topics: Advisor Support, Practice Support, Practice Management

Ready to learn more about Freedom Advisors?

Schedule a demo and introductory call with us.

Schedule a Demo