How to pick your client portal supplier
The success of your client portal will depend on how intuitive the experience is in practice.
Therefore it is important to ask potential client portal suppliers the following questions:
Your clients expect-
1. Biometric access to their data on all the devices they use. That means it must be an app on their smartphone, tablet and PC. It’s got to be as easy to use as the other apps they are using everyday, providing fingerprint and face recognition, secure access to their data, documentation and communications.
2. Communications need to be as simple as WhatsApp not more cryptic than the times crossword. Password protected PDFs sent via email do not cut the mustard.
3. All of their paperwork to be organised. Let’s face it, you generate too much paper. Your clients know its important but not where to store it, so they can access it when they need to. This is why they value your app so highly, assuming it lets them access all their financial paperwork easily, organised for them automatically by you.
Your client app is about saving them time and delivering financial peace of mind.
If you app can’t deliver the basics, there’s not much point proceeding but assuming it ticks these boxes, the next step is to get into the detail and ask your potential client portal supplier the following questions -
How powerful is the portal admin functionality in allowing you to tailor and track the experience for each client?
Can you turn off certain functions and introduce them at your own pace?
Does your portal offer daily valuation coverage across the financial institutions you use?
Does the secure messaging include a message thread so you can clearly see the conversation history at your fingertips?
Can you brand the app for clients putting your brand on your clients’ homepage and downloading your app not a third-party suppliers app from the Apple and Google appstores?
Can your clients add to their financial profile on the move and without having to fill out forms?
Can the portal supplier support your marketing efforts?
Can you see what your clients see in real-time to assist with 'in the moment' support queries?
When you get the basics right, it is easier to achieve the benefits you are hoping for. These benefits will differ from firm to firm but will include -
Increased client engagement and retention with your brand on your clients’ homepage.
Consolidating portfolio reporting with a single login across multiple providers.
Going paperless by moving correspondence to a secure channel.
Quicker and more efficient client onboarding and reviews.
Automated report delivery including inhouse and third-party reports.
Enabling you to service more clients, more profitably.
About Moneyinfo Limited
Moneyinfo is a leading provider of client portal technology for Wealth Management and Financial Planning firms, delivering best-in-class Digital Relationship Management that transforms efficiency and productivity, secures compliance confidence, and enhances client experience and engagement. Your peak performance. Unlocked
To find out more book a discovery call here, or call us on 03303 600 300. We’d love to hear from you.