How portals have evolved since the pandemic

In March 2021, nearly 7,000 digital fact finds were either completed by clients from scratch or pre-populated by advisers for their clients to update via the CashCalc system, representing a 267 per cent increase compared with March 2020. 

But digital engagement does not stop there because a portal can do so much more. 

For example, last month alone saw more than 3,000 new households create a secure portal via CashCalc, with nearly 10,000 documents being digitally exchanged. 

Tim Morris, financial adviser at Russell and Co, says he uses Intelliflo, which gives clients access to update their fact finds. As well as their personal details, many also add their assets, liabilities and expenditure.

Morris adds: “I use the client portal a lot more now than a year ago, partly because we now use it for clients to sign documents electronically. This has been a game changer.”

While some advisers have a fully digitally integrated fact-finding system, for other IFAs who may not have done so as fully, the pandemic has still given them more flexibility over how to conduct fact finds.

For example, Scott Gallagher, director at Rowley Turton, says he still prefers to speak to the clients when doing the fact find, but the lockdowns have meant that he can make better use of time by having the meetings via Zoom, as well as over the phone.

“Zoom has become a lot more accepted by advisers and clients. It is no longer an alien concept,” Gallacher adds.

“I do a lot of fact finding just on the first phone call. People ring me up and say 'I am interested in this' and I just ask people questions, and because they have called you they are quite happy to talk. A 30-minute phone call can elicit a lot of information and save a lot of time for clients.”

If an adviser is having to get through a fact find quickly at the beginning of a meeting, they will tend to take only the information necessary to start the advice process.--Ian McKenna

Future of advice

It is unlikely that the trend of advisers embracing technology in the way they have done will be reversed.

The Lang Cat's Barrett says: “People try to predict what life will look like, but there are way too many variables, in terms of [customer and business owner desires]. If you speak to 10 advisers, you will get 10 different views.

“I don’t think there will be much unwinding of what has gone in place already. However far down this path of digitising the process we go, I don’t think [advisers] are going to dial it back to paper.”