Embracing technology to help you become a “mobile financial advisor” is an opportunity to set yourself apart from your competitors, says Erick Vandeweghe, partner with the financial services technology group with Deloitte Canada in Toronto.
“New generations [of clients] absolutely expect mobile and social elements to their advisors’ practices,” Vandeweghe says. “Being mobile means being untethered and able to take your practice on the go.”
A big challenge for you will be balancing your need to improve efficiency and client communication with your firm’s security protocols. As a result, you will need to check with your firm about the kinds of mobile services available to you.
Nevertheless, Vandeweghe says, there is a good business case to be made for taking your practice mobile:
> Consider the cloud
More firms are offering mobile platforms to advisors — via smartphones and tablets, for example. One way to take full advantage of these tools is to use cloud technology.
Using the cloud enables you to access important documents while on the go and eliminates the need for local storage of data and software. Cloud services can help you save time, particularly if you frequently conduct client meetings outside of your office.
Again, the programs and services you choose to help you make the transition to the cloud will depend on your firm.
> Be there for your clients
Integrating tools such as cloud computing and social media platforms is important in creating a connection with younger clients and prospects.
These technologies are necessary for reaching members of the younger demographics, Vandeweghe says, because these tools are regarded as commonplace modes of communication.
In many ways, he says, the way clients will want to access your services in the future will evolve with technology. Going mobile now is a way to equip yourself to build engagement and enduring loyalty with your clients.
“Clients want to start the conversation when they get an idea and wherever they are,” says Geoffrey King, director, financial services, with Cisco Canada in Toronto.
“Mobility strategies are going to be a critical factor in the business models of financial advisors.”
Being mobile means that you are present and responsive to your clients’ communications and that you are “there” when clients need you.
> Improve flexibility
Making the transition to become a mobile advisor could lengthen your career.
As you approach retirement age, being untethered can help you support different kinds of work arrangements, Vandeweghe says, which can help you balance your work schedule and your personal life.
You can use technology to enable you to work from home. You could remain productive longer, and postpone moving your book to a successor.
This is the final instalment in a three-part series on cloud computing.