The financial services sector may be missing out on a powerful way to connect with clients: digitally.
PDFs are often a go-to choice to present information, despite the availability of more powerful tools, said Jason Pereira, partner and senior financial consultant with Woodgate Financial Inc. in Toronto.
Pereira spoke on Thursday in Gatineau, Que., at the Institute for Advanced Financial Planners’ annual symposium.
“Hands up, if you have screen-shared copies of statements … with PDF digital paper,” Pereira asked the audience of financial planners.
“You failed to evolve the client experience.”
He outlined some of the online tools advisors can use to present interactive reports or help clients visualize planning scenarios, for example.
For life insurance presentations, Pereira uses sales platform Life Design Analysis to help clients visualize and compare policy options, including potential premium changes.
“I’m having a conversation and visually presenting the data in a more compelling way,” Pereira said. “It’s easy to understand.”
He also described estate-planning tool eState Planner, which can help with scenarios such as death of a spouse and charitable giving.
Not everything has to be interactive, though. Pereira said he’s a big fan of sending video messages to clients, because they can be more powerful than a written note. In response to a client’s email, he may send a personalized video to answer their question or walk the client through a statement.
Advisors could also create and post videos presenting frequently asked questions, such as how RRSPs work or where a client can find parking near the advisor’s office, Pereira suggested.
AdvisorStream is a digital marketing tool advisors can use to search a database of financial publications. If a client is worried about the transition to retirement, for example, a search result could turn up articles on issues such as loss of identity or financial anxiety, which the advisor can then send to the client.
“I can write a message to the effect of, ‘Hey, good to see you. Transition to retirement is a difficult thing for a lot of people.… Here’s an article on dealing with that anxiety,’” Pereira said.
While Pereira believes in leveraging tech to build relationships with clients, he also provided a caveat.
“If we’re going to use technology to create deeper client understanding, we’ve got to be ready to have those relationships and those difficult conversations,” he said.
Investment Executive was a media sponsor of the IAFP symposium. No coverage was guaranteed in exchange for the sponsorship.