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Technology can drive client retention

Technology can drive client retention

Adviser firms that have embraced technology for to create more efficiency have increased their repeat business by a third, according to research. 

According to the latest white paper published by Intelliflo, adviser businesses that have invested in technology and "mapped out" workflows and internal processes are realising 33 per cent more repeat business than their industry peers. 

The ‘Business in 3D: how financial advisers can structure for success’ paper is aimed at advisers who are focused on expanding the size and revenue of their businesses. 

According to the report, clients now expect to be able to access their portfolios online, as they would with internet banking. 

Data protection however, was identified as the "cornerstone of the advice process" by the white paper, which highlighted GDPR and Mifid II regulations as drivers. 

Nick Eatock, Intelliflo's executive chairman, said: "The key message is clear: those who use the technology provided through a practice management system have a clear advantage, both in terms of the efficiencies they can access plus the added value benefits they can offer their clients."

Michelle Hoskins, founder and director of Standards International, said technology can assist advisers in giving their clients a good experience.

She said: "Financial advice is very much a people business and word of mouth matters – what would you want your clients saying about you?

"This adviser is brilliant, they care and they understand. That’s what you want them to say about you. 

"Your enthusiasm will always shine through and advisers have the opportunity to turn a boring subject into something real."