EQ Investors has formed a partnership with a tech company Radical Company to offer the boutique wealth manager’s clients a way to see all of their investments.
The portal is self-service, meaning the client can use it themselves without help.
It allows clients to see their investment portfolio both for EQ Investor funds and investments held elsewhere.
Clients can see their holdings, cash and stock movements, valuations and geographic allocation of funds on the proposition.
Radical Company has warned that too many wealth management companies have failed to put the client first, focusing on internal issues rather than customer needs.
The firm believes that too many financial companies are settling for ‘one size fits all’ systems which do not react to the ever-changing needs of clients.
John Spiers, chief executive of EQ Investors, said up until now the firm’s client-facing portals, which are used to share critical data and communicate with customers, have been ‘out of the box’ solutions, rather than bespoke.
“Although these got the job done, such products simply don’t offer the flexibility and quality user experience professionals have come to expect. We wanted a portal which focused on the needs of the client, rather than simply being functional and this isn’t achievable without a bespoke product.
“In the wealth management sector, there is nothing more important than adding value to our clients and it’s vital this goal is supported throughout the client journey. A portal which offers the high level information clients need in a user friendly and accessible format is therefore key to their success.”
He told FTAdviser that EQ Investors had commissioned Radical to build this portal for them and the firm does not have any interest in Radical selling it on to anyone else.
“Both EQ Investors and Radical Company are committed to making sure it is the best portal in the market.
“It is designed to allow our client to get information they need as quickly and as easily as possible.”
Ian Wilding, founder at Radical Company said it is worrying to see so few companies actually putting their clients first.
“In an industry which relies on adding value to their clients’ services, it’s pivotal wealth management firms invest in quality user experience portals, rather than purchasing out of the box software.
“If wealth management firms are serious about supporting their clients’ development and growing their own business simultaneously, the culture of ‘good enough’ systems must be eradicated, and quickly.
“The EQ Investors portal is innovative because no one yet is doing this and most providers are simply providing a white label or out of the box solution that is very much something out of the history books.
“Most providers believe their customers are set in their ways and therefore don’t expect or want great interfaces allowing them to interact with their funds. EQ Investors is looking at this differently and want to make sure its clients have the best possible experience. Furthermore, EQ Investors is ensuring its portal is accessible on mobile as well, again catering for their on the move client base.”