Many independent financial advisors are looking to change the way they do business by using a platform that makes life easier for both them and their client. With the ever-evolving market and the constant development of technology and AI, using a platform as an independent financial advisor is a strong way to ensure you stand out and gain new business.
Take a look at what type of platforms and technology we believe independent financial advisors should be using and why.
What type of platforms should IFAs be using?
There are hundreds of platforms available for independent financial advisors, all of which use the latest technology and offer flexibility. Before choosing which platform to invest in, you should first consider the type of platforms available and if using this kind of software is the right choice for you.
Wrap platforms support a wide range of integrated tax-efficient wrappers. With this type of platform, the client is the end investor and many administrative burdens are eliminated as the platform combines everything you need into one account.
A fund supermarket is a type of platform that offers investors a wide range of mutual funds from different sources through a single platform. These platforms are still modelled on legacy books but adopt the wrap platform pricing model for any new business.
Lastly, an investment platform allows you to buy, sell and hold funds. This platform enables IFAs to view and manage each client’s investments in one place while also providing access to a wide range of offers and proposals depending on what suits the clients’ needs.
What type of technology should IFAs be using?
The use of technology has also skyrocketed as IFAs are realising that it can be extremely beneficial in terms of cost and time management.
Traditionally wealth managers and IFAs have relied on their own personal networks, client referrals and events to find new business. However, as the finance industry grows more personalised, cost-effective and efficient tools are needed to keep up and remain relevant.
Manual processes can take up an unnecessary amount of time that could be spent better elsewhere. By using technology and platforms to help manage workload and see all the client information you need in one place, productivity will boost and business will grow as more time will be freed up to focus on more clients.
The type of technology IFAs should be using include:
- Artificial intelligence (AIs)
For some IFAs, the idea of using technology such as AIs and Robo-advice can be disconcerting, but these can prove invaluable to reaching financial objectives and goals for clients.
Robo-advice will never replace the personalised and experienced knowledge of a human, what it can do though is aid client bases and strengthen customer relationships.
Using AI-backed technology can automate menial tasks, allowing you to spend more time with both existing and prospective clients. By embodying this kind of technology alongside the traditional advice your clients will receive the best of both worlds.
What are the benefits of using a platform as an IFA?
Some of the main benefits of investing in a platform as an independent financial advisor include:
- Workflow management – Platforms offer a simple and efficient way to access investments on behalf of your client.
- Centralised client database – Keep all information about every client in one single database, making it easy to access and lessening the amount of paperwork required.
- Incentivising clients – Certain platforms such as our unique, localised, online financial services marketplace allows you to reward existing clients and encourage new business by including your own offers and services to other companies on the platform.
- Marketing yourself – Platforms offer the ability to be able to market yourself and your products quickly, easily and affordably.
- Comprehensive reporting – Analyse data, predict forecasts and report your comprehensive findings all through a single platform.
- Communicate with clients – Using a platform to communicate with clients is vastly easier and personalised with the options to have a 24/7 online helpdesk and access to email and telephone assistance.
How can a loyalty platform help Independent Financial Advisors?
Choosing to use a loyalty platform such as Stubben Edge, can help you to stand out as an independent financial advisor in a highly competitive market. Many IFAs and financial companies will write off loyalty platforms before even trying them, sticking to their outdated methods and missing out on potential business opportunities.
A customisable loyalty platform can help independent financial advisors win new business and maintain a base of engaged, loyal clients. Not only will you be able to provide your own products and services, but you’ll also be able to reward customers with exclusive discounts and offers. These rewards can be targeted to your clients by using data analysis, making them feel valued and understood and keeping you informed and up to date on consumer behaviours.
Strengthening and nurturing relationships with clients is now more important than ever and using a loyalty platform can help you achieve that
For more information take a look at our ultimate guide to loyalty management softwares.
Also, read up on the four key benefits of implementing a customer loyalty platform.