Clients and industry need greater engagement post-Covid

Ben Goss

Ben Goss

Many firms feel that their capacity to add more value on an ongoing basis is therefore constrained. But Covid-19 has changed this too.

Clients of all ages are welcoming video interaction, particularly for ongoing updates and bite-sized, ‘what if’ discussions. Cost to serve has plummeted. 

Financial planning technology has moved on too, with systems increasingly automating the underlying planning analysis and designed to enhance engagement between the adviser and the client - or indeed for use by the client themselves.

Evolution of advice

As an example, 57 per cent of risk profiles in Dynamic Planner last month were completed by clients online or on their mobiles, compared with 14 per cent pre-pandemic.

Firms up and down the country are screensharing engaging, easy-to-understand annual review and cashflow analysis. The scope for trusted professional advisers to deliver cost-effective client engagement, just at the time when many more individuals will need it, is now an order of magnitude greater than a year ago.

Financial planning FinTech is also bringing together more and more investment solutions risk matched or targeted to the models used in the planning system, including growing numbers of sustainable options.

This means that advisers can more easily and visually set expectations around risk and return, and then at review, demonstrate their value in terms of returns generated for the risk taken by using risk-based benchmarks.

I know my friend would value this kind of service from his adviser and I was pleased to see that this, along with a cash flow plan, was what was being proposed via Zoom.

The pandemic has transformed the landscape for our industry, creating opportunities as well as the challenges of demonstrating and delivering genuine value for money.

The good news is that the technology and the investment solutions are out there to help firms engage with clients to do exactly this.

Once Covid-19 is finally behind us, our industry should embrace this change and resist the temptation to go back to the old ways.

Ben Goss is chief executive of Dynamic Planner