{"id":9528,"date":"2024-06-25T08:00:39","date_gmt":"2024-06-25T08:00:39","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/?post_type=thought_leadership&p=9528"},"modified":"2024-06-24T17:08:19","modified_gmt":"2024-06-24T17:08:19","slug":"digital-empowerment-how-firms-are-maximizing-client-engagement","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/digital-empowerment-how-firms-are-maximizing-client-engagement\/","title":{"rendered":"Digital Empowerment: How Firms Are Maximizing Client Engagement"},"content":{"rendered":"

A recent study of digitally empowered financial services firms reveals surprising insights. It surfaced the fact that innovators, ranging from banks to registered investment advisors, share a core principle: a relentless focus on client engagement. These firms leverage technology three times more effectively than their peers to craft exceptional client experiences.1<\/sup><\/p>\n

They\u2019re also twice as likely to prefer using many best-in-class platforms, especially when it comes to financial planning.1<\/sup> Around 66 percent of firms classified as \u201cInnovators\u201d say financial planning tech delivers the highest return on investment of all the tools in their tech stack.2<\/sup> This \u201cmosaic\u201d approach depends on effective integration.<\/p>\n

The study<\/a> defines a \u201cdigitally empowered\u201d firm as one that:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0 Has a strategy for technology that supports its business goals.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0 Has designed a seamless tech ecosystem with best-in-class tools to enhance the advisor and client experience.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0 Has a plan for activation, helping staff make optimal use of technology as it evolves.<\/p>\n

Here are three stories of digitally empowered firms that are seeing success through the application of this framework.<\/p>\n

A $5.1 Billion RIA<\/strong><\/h2>\n

Robertson Stephens, a wealth management firm serving entrepreneurs, executives, family offices, and institutions, has built an end-to-end technology stack for its advisors one piece at a time. This $5.1 billion AUM RIA with more than 90 employees fits the mold of a digitally empowered firm, using multiple best-in-class platforms and investing in integrations.<\/p>\n

\u201cWe do integrations where it makes the most sense,\u201d Chief Operating Officer and Principal Vikram Chugh told WealthManagement.com<\/a>.3<\/sup> \u201cWe\u2019ve given thought to the advisor\u2019s workflow. We\u2019ve put the advisor in the center of our entire tech stack.\u201d<\/p>\n

Having systems that play well together is key. Digitally empowered firms are 1.6 times more likely to say their core tech platforms are seamlessly integrated.1<\/sup> The vast majority (9 out of 10) tech decision-makers agree that \u201cintegration of platform technologies is very important to the firm\u2019s overall tech strategy.\u201d1<\/sup><\/p>\n

The firm also hangs its hat on the comprehensive and holistic nature of its wealth planning. In its selected financial planning platform, \u201cyou can also capture information across the board on a client, including their insurance and trusts and estate planning,\u201d Chugh said. \u201cWe also like the cash flow modeling capabilities.\u201d See all of the pieces of their advisor tech stack here<\/a>.<\/p>\n

A $16.5 Billion Wealth Management Firm<\/strong><\/h2>\n

Blue Trust, a wealth management firm providing fee-based financial planning, investment management, and estate and trust services, has a unique approach to planning driven by stewardship. That means an emphasis on charitable giving as well as aligning values with resources through detailed cash-flow planning.<\/p>\n

Initially, the firm relied on a proprietary financial planning tool for this. However, in 2015 they began using a leading planning platform to gain additional features, including the ability to model \u201cwhat if\u201d scenarios live for clients.<\/p>\n

This new planning platform continues to boost efficiency and client engagement through continuous updates, including new solvers that make use of machine learning.<\/p>\n

\u201cOur financial planners talk about how efficient and quick the platform is,” says Nolan McClure, CFP\u00ae<\/sup>, CKA\u00ae<\/sup>, Manager of Blue Trust\u2019s Financial Planning Department. \u201cAdvisors in our Professional Athlete Division, in particular, said \u2018This is really quick. It\u2019s scalable. It\u2019s attractive to clients.\u2019\u201d<\/p>\n

The ability to quickly incorporate new tech features is a hallmark of a digitally empowered firm. These firms are 4.5 times more likely to immediately implement a feature.1 <\/sup>Learn more about the Blue Trust\u2019s tech in this case study<\/a>.<\/p>\n

A $2.7 Billion Bank-based Wealth Planning Division<\/strong><\/h2>\n

SouthState Wealth, a division of SouthState Bank, offers fee-based financial planning and investment management. Its wealth planning team provides a vital value-added service for an institution with more than a million customers throughout the Southeast.<\/p>\n

Donna Murray, Director of Financial Planning for SouthState Wealth, knows the key role technology can play in delivering holistic advice. Account aggregation through a client portal, which allows clients to see the big picture of their financial life, is a particular focus.<\/p>\n

\u201cWe demoed [our client portal] to this huge client, and he said, \u2018People have shown me stuff like this before, but they can\u2019t ever get my accounts linked,\u2019\u201d Murray said. \u201cI convinced him to try it, and all three of his connections linked. He was so amazed.\u201d Learn more about SouthState Wealth’s technology-enabled approach in this case study<\/a>.<\/p>\n

Providing access to a client portal is another calling card of a digitally empowered firm: They\u2019re 1.4 times more likely to give clients access to a secure online platform to organize finances.<\/p>\n

The Power of Technology<\/strong><\/h2>\n

These three examples underscore the power of technology in the financial services industry. Digitally empowered firms today are leveraging best-in-class platforms to enhance efficiency, deepen client engagement, and deliver a superior client experience.<\/p>\n

As the research indicates, firms that prioritize seamless integration and rapid adoption of new tech features are better positioned to meet the evolving needs of their clients. By investing in advanced financial planning tools and secure client portals, these firms not only improve efficiency but also build stronger, more transparent relationships with their clients.<\/p>\n

Taking Tech to the Next Level<\/strong><\/h2>\n

What\u2019s next after digital empowerment? Industry experts have deemed this the \u201cbeyond the plan\u201d era, with technology, financial psychology, and personalized service helping advisors enhance their value.<\/p>\n

Explore our eBook,\u00a0Unlocking the Value of Financial Planning<\/em><\/a>, to learn more about how to combine these to create a compelling value proposition.<\/p>\n

Sources:<\/p>\n

1. Fidelity<\/em>. \u201cBest Practices in Wealth Management Technology Can Drive Firm Success,\u201d May 2024.<\/p>\n

2. WealthStack<\/em> and Wealth Management IQ<\/em>. \u201c2023 WealthStack Study,\u201d November 2023.<\/p>\n

3. WealthManagement.com<\/em>. \u201cRobertson Stephens: Building An Integrated Stack One Piece At A Time,\u201d March 2024.<\/p>\n

 <\/p>\n

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.<\/p>\n","protected":false},"author":51,"featured_media":9530,"template":"","thought_leadership_cat":[94],"class_list":["post-9528","thought_leadership","type-thought_leadership","status-publish","has-post-thumbnail","hentry","thought_leadership_cat-financial-planning"],"acf":{"left_sidebar_ads":false,"right_sidebar_ads":false},"yoast_head":"\nDigital Empowerment: How Firms Are Maximizing Client Engagement - eMoney Advisor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emoneyadvisor.com\/blog\/digital-empowerment-how-firms-are-maximizing-client-engagement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital Empowerment: How Firms Are Maximizing Client Engagement - eMoney Advisor\" \/>\n<meta property=\"og:description\" content=\"A recent study of digitally empowered financial services firms reveals surprising insights. 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