Collaboration in a digital world
In the digital age, clients expect seamless service, with more than half of investors seeking improved digital offerings from their wealth managers. Their needs are also becoming more complex, often requiring input from multiple professionals.
In the digital age, clients expect a seamless service, with research suggesting that more than half of investors want improvements to digital services offered by their wealth manager or adviser. Their needs are also becoming more complex and often require the services of a range of professionals.
As such, collaboration between financial advisers, accountants, solicitors, and other professionals could offer significant advantages – for both clients and advisers.
The benefits of collaboration
According to Ed Shardlow, financial planner and adviser at Ablestoke Financial Planning, collaboration across professional services can improve the overall client experience. “If your client is getting good professional advice in other areas, then that's good for the relationship as a whole,” he says.
Advisers also benefit from such relationships as they can result in additional revenue streams through fee-sharing and, more importantly, lead to valuable referrals. “If you're sharing your clients with other professionals, they can share clients with you. It gives you more points of contact and a wider reach,” Shardlow adds.
Adapting to changing expectations
New technology has opened up numerous opportunities for increased collaboration. “We can easily share screens, calendars, and information with clients or other advisers,” says Shardlow. “We wouldn't be able to do this without modern technology.”
However, it’s important to note that these technological advances have also changed clients’ expectations. They now expect faster and more seamless communication. As such, advisers need to be ready to embrace digital tools and services to meet evolving client expectations.
Digital platforms, for example, can play a significant role in improving the client experience. James Lindley of Castell Wealth Management remarks on using cash platform Flagstone: “Our clients can open and manage various accounts in one place, saving time and hassle. The platform allows for total flexibility.”
This ease of use is becoming critical as clients expect faster, more personalised services.
We can easily share screens, calendars, and information with clients or other advisers, We wouldn't be able to do this without modern technology
The challenges of increased digitisation
Increased use of technology also brings additional challenges. Shardlow points out that, while digital tools can make processes smoother, “compliance and regulatory issues are always an additional hurdle”.
Whilst a recent study from Accenture revealed that clients are becoming more comfortable with sharing data if it means they will get a more personalised service, understandably, they also expect secure messaging and document sharing.
Shardlow notes that, to protect client data and ensure compliance with regulations, advisers must maintain robust data management practices and stay informed about evolving regulatory requirements.
Advisers will also need to find a balance between utilising digital tools for collaboration and managing the risks associated with data breaches or regulatory non-compliance.
Technology’s role in the future
Technology is constantly evolving and presenting new opportunities to streamline the way advisers work. Ultimately, those who embrace digital tools, services, and platforms will ultimately find themselves better placed to provide the most personalised service and remain competitive in the digital age.
Claire Jones, Head of Strategic Relationships and New Business at Flagstone, comments: "Platforms like Flagstone give advisers a powerful tool for delivering exceptional service. By simplifying complex cash management and offering a flexible solution, we help advisers dedicate more time to what matters most – their clients."
