The monthly podcast brought to you by moneyinfo, the client portal & mobile app supplier for financial advisers and wealth managers. The AdviserTech show is designed to help address the challenges of the 21st century adviser. Each month, we invite a special guest to talk to us about current topics affecting their area of expertise in the AdviserTech space. If you have any suggestions for future episodes or general feedback, get in touch with us by email at firstname.lastname@example.org, or tweet us @moneyinfotech .
Thursday May 11, 2023
Thursday May 11, 2023
The task of connecting with the next generation of clients is a necessary challenge for Advisers who don’t want to get left behind. It’s also a job that Rob Tedder, UK Account Manager for Conquest Planning, is familiar with. Rob’s goal is to get every client with a live financial plan that they interact with and understand the output.
“If a business isn’t interacting with a multi-generation of clients then they’re absolutely missing a trick.”
There is still a large amount of Advisers who are reluctant to adopt and embrace digital technology when advising clients. However, neglecting to adopt multi-generational planning into your strategy may be more than just missing a trick, and could consequentially lead to being left behind as an adviser.
65% of the next generation will not work with their parents’ Financial Adviser after their wealth has been passed down. This means millennials will work with a different adviser to their current one simply because they don’t have a pre-existing relationship.
In this episode of The AdviserTech Show we delve into the barriers advisers have set themselves by not promoting digital adoption, and how you can avoid being one of the of Advisers who are on their way to losing another client.
Rob kicked off his career journey with an unconventional background in studying food at University, before making his first entrance into the financial industry with pension administration work. His passion is helping advisers and firms engage with technology to improve their business practises.
Tessa and Rob dispel the myth that the older crowd won’t use mobile technology, and it’s actually doubts of the adviser that create a barrier when it comes to digital adoption. One of the reasons for this resistance is the belief that clients will bombard advisers with the new technology and plans they don’t understand.
Tessa is adamant that technology would actually overcome this issue. Whilst using traditional methods of communication would lead to hundreds of phone calls a day for advisers who have clients with queries, digital forms of communication overcome this, as they allow bulk messages and push notifications to give clients a full, quick and easy explanatory rundown.
Listen to this episode to hear moneyinfo’s Managing Director, Tessa Lee, speak to Rob Tedder about how tech can be used to bring the client more into the planning process, and how tech can drive efficiencies within financial organisations.