Building unshakeable client relationships is the key in financial services. We know this.
And with the number of ways advisors and clients can now engage, both in person and digitally, you would think that effort would be easier than ever.
Yet somehow, this tremendous opportunity to gather deeper client insights is creating a contradiction.
Burdened with the task of capturing comprehensive meeting notes for compliance and archival purposes, advisors can’t always remain fully engaged and present in those moments. And they certainly can’t easily screen the data goldmine deepening around them when they’re more concerned with capturing content than context.
The very thing meant to build relationships – meaningful client conversation – is inadvertently hindering advisors from driving more personalized, human experiences.
So how can we empower advisors to spend more time listening, deepening client engagement and simultaneously fueling firm growth?
The answer lies not only in what data advisors are empowered to capture but also in how they are enabled to capture it.
Harnessing Client Data: Seizing The Collection And Connection Opportunity
Forward-thinking firms are seizing the opportunity to harness the power of client data through the strategic adoption of AI-powered client intelligence platforms.
Most commonly associated with productivity, AI “notetakers” have already been well-adopted in the financial services industry, and are driving efficiency and consistency for firms of all sizes.
But these solutions have the power to unlock much more than efficient follow-up and time-savings. They can also enable advisors to be more present in client conversations, automatically extracting valuable data, and more importantly, driving new ways advisors can make sense of that data.
Every conversion, meeting or call provides the potential to capture data that can fuel smarter planning and portfolio management decisions, and deeper, more meaningful connections. Often, this data can tell a much more compelling and nuanced story about the needs and successes of a client – and the potential opportunities for a firm – than their investment and performance numbers alone.
How do clients feel about their financial decisions?
What is their sentiment toward the path that they are on, and the guidance delivered?
Where are opportunities to deliver new value, if reading between the lines?
Where are opportunities to deliver new value, if reading between the lines?
Here’s an example of how that could play out for an advisor positioned to do more with the data. The hypothetical clients are John and Michelle, and the conversation with their advisor reveals:
Estate planning. John and Michelle have met with an estate attorney, set up wills and established revocable trusts. Their business and other portfolios are considered in their estate planning.
Profile and goals. John and Michelle have a son named Luke who will attend Pepperdine University at a cost of $80,000 per year. They are responsible for $60,000 annually after a baseball scholarship. They initially planned for state school costs of $25,000 per year. They are considering private school for their daughter Rebecca and planning to set aside $100,000 for her education.
Education planning. John’s father passed away, leaving an inheritance of $100,000 they plan to use for Luke’s education.
Cash flow and debt management. They own a condo listed for sale at $800,000 with a remaining mortgage of $350,000, planning to net about $450,000 from the sale toward retirement.
The opportunity. This conversation data reveals several key planning and investment opportunities, based on the life events and family needs John and Michelle discussed. With rising education costs, a 529 plan could help offset their children’s future expenses, while the $100,000 inheritance and expected proceeds from the condo sale provide substantial resources for retirement planning. Additionally, their current estate plan presents an opportunity for further portfolio review to ensure their assets are aligned with long-term goals.
With these details in hand, the advisor can deepen the relationship with John and Michelle by proactively addressing their expressed and subliminal needs.
The broader opportunity. Take that same data and look across your entire set of clients. Answer questions like “How much have clients similar to John and Michelle funded their 529 plan on average?” or “Who could be affected by the upcoming Solo 401(k) deadline?” Best practices at scale, more personalized service and unique insights become easy.
Imagine the potential – and growth opportunity – for enterprises that can drive these types of insights across the full organization, empowering smarter decisions for better outcomes and business intelligence at scale.
The Power Of AI: Reshaping Human Interaction For Better Outcomes
Success lies in a solution that blends technology with a commitment to privacy and compliance, and the capabilities to provide insights.
Without the right tools, much of this valuable client information would remain fragmented, unstructured and difficult to leverage. Success lies in a solution that blends technology with a commitment to privacy and compliance, and the capabilities to provide insights beyond what is expected, such as:
Client intelligence. Access to comprehensive client profiles that include personal details, goals, concerns and communication preferences, while maintaining strict data privacy protocols
Trends and opportunities. Identification of common challenges, cross-selling or upselling opportunities, and the ability to predict potential churn by analyzing conversations across clients
Personalized service. Ability to tailor recommendations, anticipate needs and proactively address concerns
Streamlined operations. Automatic secure and compliant data capture and analysis that free advisors’ time
By handling the heavy lifting of data processing, AI-powered client intelligence platforms enable advisors to reignite the human connection while fueling their firms’ growth. Advisors could walk into client meetings fully prepared with a deep understanding of their client’s financial picture and life goals. They would be able to anticipate client needs, proactively address concerns and offer solutions before problems arise.
Firms can make faster, more informed decisions with a better understanding of client needs and trends with client intelligence platforms, and effectively leverage client intelligence to stay ahead of industry shifts and deliver more value.
In essence, client intelligence platforms empower advisors to deliver a level of personalized service that was once unimaginable. As firms embrace these innovative solutions, we’ll see that it’s not just about transforming data. It’s transforming the very nature of client relationships and unlocking growth potential.
Mark Gilbert is the Co-Founder and CEO of Zocks.
