We understand that, at present, it isn’t always economically viable for advisers to work with clients who do not have enough money saved. We believe the dashboard could reduce adviser costs and, therefore, the cost of advice.
If advisers have access to dashboard data, with a client’s consent, they will have all the information they need already collated in one place. This should save advisers time and ultimately reduce their costs, which could then be passed on to clients.
However, advisers don’t need to wait for the dashboard to use technology to reduce costs and therefore make advice more affordable. One example of this is Wealth Wizards’ paraplanner tool which launched last year.
Advisers complete a fact-find with clients, after which the paraplanner tool generates a regulated advice solution comprising single or blended products from across the market and an automated advice report in under a minute; as opposed to the typical industry standard preparation time of five to ten hours.
Designed as a white-label offering, the tool should allow advisers to save time, reduce costs and conduct risk, and potentially service more clients. It also provides a quicker, more convenient service for clients who are leading increasingly busy lifestyles.
For example, at LV=, we’ve been using the paraplanner tool with our in house telephone advice service since early last year. It has enabled us to double the amount of customers we speak to as well as cut down the time it takes to receive full advice to around 90 minutes.
What else can advisers do?
It can be difficult for advisers to feel like they can make a real difference to this problem with women less likely to come to them for help but it’s vital the industry does do more to understand the varying needs of clients and adjust services to make the customer journey more inclusive.
Besides finding ways to make advice more affordable, they should also consider any ways that female clients may feel differently to male clients and adapt accordingly.
For example, the CII report also stated that the percentage of women who agree it is necessary to take risks in order to get a good return is ‘significantly lower than men’, and women are ‘slightly more biased towards spending in the present than men’.
Obviously advice must be objective and tailored to individual needs and preferences, as opposed to being influenced by gender, but it is clear advice needs to feel more accessible than at present. Thinking about tone of voice, how services are made available, and building long term relationships are some ways to tackle this.
