Dynamic Planner has created an app which its CEO Ben Goss has said will put advisers in the pockets of their clients.
The software provider launched its new app, Tram, which can be white-labelled at its annual conference today (March 5).
Goss said: “Tram is a generic canvas for your brand, your proposition and your relationships.”
The app includes daily valuations, news stories and an online chat function.
Goss added: “It is enabling you to share documents with clients and for them to message you and you to message them back.
“This simple function has gone down well, we are now live with a small number of firms.
“The ability to message clients has gone down super well.”
Ian McKenna, founder of Advisersoftware.com, said: “There has never been a time when digital engagement has been more important for adviser businesses.
"This service should be able to demonstrate the ongoing service they are supplying to existing customers, crucially important in light of recent FCA communications, as well as those clients they need to offer a lower cost solution after exploring best value in light of consumer duty and enable them to reach new customers, who may be seeking a hybrid approach to their advice needs.
"These three key constituencies will be important markets for the future of financial advice."
Goss said Dynamic Planner has been working on the app for the past two years and attention to detail has been key.
Even the colours chosen for the app are in a “happy palette” with no harsh reds used - instead a ‘burnt amber’ will be used if a client is off track.
“We are putting you in the client’s pocket,” added Goss.
The firm said the app will help firms meet the requirements of consumer duty by placing the customer at the centre of the service.
It will also use artificial intelligence to tailor written content to individual clients.
Goss added: “We are excited about the possibility of AI so we have made TramAI to get the model to produce a weekly digest of news which should be of interest to your client.”
As well as giving clients easy access to their accounts, Goss said the app will make things easier for advisers.
He said: “It delivers real meaningful digital engagement and creates a capability in your business.
“This is just the start for us, we have invested hard in Tram and are excited about the future.
“We see this app as a means for you to automate certain things like simple top ups.”
McKenna added research has found while older consumers still strongly prefer human advice on investments (64 per cent for baby boomers, 62 per ent generation X), there is a growing demand amongst younger consumers for digital advice propositions (21 per cent for Millennials, and 30 per cent from Gen Z).
He added: "In each cohort between 20 to 30 per ent of consumers are looking for a hybrid solution. In producing a single service that can accommodate all three models Dynamic Planner is enabling advisers to access the tools they will need in the future now.
"We are at a pivotal point in the evolution of financial advice where firms need to have a new range of tools at their disposal to support the changing ways their clients want to consume information.
"There is a huge opportunity for advisers compliment their current offerings services with digital propositions when with information that will be available to clients in their pockets whenever they want access to it."
tara.o'connor@ft.com
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