Last Updated on December 3, 2020 by Connor Prendergast
It’s easy for clients to become overwhelmed by the complexities of their finances, especially in a fast-changing market. Media distractions add to the overwhelm, getting noisier when clarity is needed most. Clients need more than advice on their managed investment portfolio.
Focusing only on the gains and losses of managed accounts leaves your clients without context. It narrows their perception about the work you do, leaving them little to focus on but raw performance. Without understanding their overall financial picture, they are prone to misunderstand the value you offer or undervalue your services. Of course, clients want advisors who address all of their needs, but it’s in your business interest, too.
Offering a 360-degree view of a client’s finances is the most effective deterrent to them doing a 180 and walking out your door.
Providing holistic advice and information isn’t an “optional” service any longer. In this article, we’ll show you how to use Blueleaf to provide it.
Accelerated Information Gathering Makes it Painless
Financial planners in particular are painfully familiar with the process of gathering account information. Prior to the development of data aggregation, this was a labor-intensive and time-consuming process that involved paper statements and hand entry into financial planning tools. That process made consolidated statements too expensive for all but the wealthiest clients.
But not all data aggregation is the same. Blueleaf directly supports clients using the system and automates ongoing messaging and management. Rather than asking for recent account statements, you can simply invite clients to use our client portal, which guides them through adding their accounts using our aggregation engine. It takes none of your time as an advisor and it updates all your connected systems.
This accelerated information gathering makes financial planning simpler for advisors and clients. It also gives wealth managers that 360-degree view we mentioned earlier. Because of that simplified experience, most advisors on our platform actually connect their prospects to the system creating a “try before you buy” experience and accelerating the onboarding of new clients using Blueleaf.
Consolidated Statements Deliver Critical Context
What else can you do with a 360-degree view? The average adult has to log in to a minimum of four websites to check balances on bank accounts, credit cards, retirement, and investments. Our platform eliminates the need for that. All accounts are consolidated into one statement.
Consolidated reporting adds context to the work you do for your clients. That context is critical to painting the “overall financial picture” clients need to understand how their wealth is being managed — and the value you deliver. Not providing the big picture can leave you fighting to hold onto clients…even when you’ve managed their money well.
Technology has changed the wealth management game and prospective clients assume all advisors can provide consolidation. After all, it’s the cornerstone to the holistic wealth management that clients demand. If you don’t have it, they’ll move on to one of your competitors.
An Experience Your Clients Will Love.
Clients will love the service you deliver with Blueleaf’s superior client experience.
Automated Communication Ensures Value is Delivered
Consolidated views aren’t valuable to your firm if clients never look at them. We didn’t build the Blueleaf client portal so advisors could hope their clients log in to it. Our platform is designed to proactively communicate with clients. We do that with automated communication.
Advisors can enhance the client experience and encourage them to engage online by scheduling regular emails with account balance summaries or performance data. This helps establish you as their main source of financial information and ensure your value is communicated.
And these branded communications help drive growth via your most important channel: referrals. Referrals come when your company brand is synonymous with good service. Automated reminders that you’re providing a positive, seamless user experience makes it a no-brainer for current clients to send friends and family members your way.
Increased Efficiency Makes Growth Possible
Data aggregation makes consolidated statements possible. Automation delivers those statements, increasing client engagement online. All with virtually no staff involvement. That is how you increase efficiency.
We recently asked advisors on our platform what their biggest concern was for 2021. The answer was the same one we’ve gotten every time we’ve made this inquiry. “Growth” is what many wealth management firms consider their top priority. We can help.
Increased efficiency makes growth possible. Using Blueleaf data aggregation and delivering consolidated statements with our automation engine will make you more efficient. You’ll still need to engage clients personally, but the maximum number of clients you can support will be much greater.
Look for more on this topic in the upcoming weeks, including the release of our next eBook, titled “Remote First,” which will show you how to grow and manage a virtual advisory practice. Subscribe to our blog so you don’t miss any updates.
