We keep our whole life on our phones. It has our banking, our travel tickets, our to-do lists. It has our work emails and diary. It has our family life, photos, chat and so much more.
We use it to make plans and support our decisions. When we get up in the morning, we check what’s in store for the day ahead. When travelling, we check our routes and look at the weather so we know what to pack.
When we’re on the move, we use it to get tasks done – booking an exercise class, adding to the supermarket order. We also use it for information: to stay up to date with the news between meetings.
The average smartphone user spends three hours and 10 minutes a day using their device – with about 90% of that time spent on apps.
Until recently, though, one big part of life has been missing from our phones: our financial plans. Wherever we are, we can easily check in on most of the things that matter to us – but looking at our financial big picture hasn’t been so easy.
While other industries have moved quickly to adopt new technologies and create beautiful, intuitive apps through which customers can access their services, advice clients have not had their financial plan in their pocket.
That’s partly because of the expectations of the older average client base. But even in older age brackets, smartphone use is widespread – and, like their younger counterparts, older people are doing more and more through apps.
People between the ages of 45 and 54 spend about one hour and 15 minutes per day using apps, just 27 minutes less than those in the 25 to 34 age range. Even mobile users over the age of 65 spend close to an hour a day on apps. Expectations of what can be done on a phone are shifting.
Financial-planning firms also need to attract younger clients if they are to survive and thrive. And that means being there when they want you, in the format that’s easy for them. Making the most of the technologies available to provide those customers with the service they’re used to will be key to that.
Firms that embrace client-facing app technology can expect a step change in their communications. The days of requiring the client to get the laptop out for every task or to download, print and fill out a PDF form will be gone. Phone calls and emails will be reduced. Instead, advisers will be able to communicate with clients and ask them to provide information directly through the app.
Clients will be able to check in regularly. If they read a worrying headline about market falls, they’ll be able to open the app and see that they’re still on track – perhaps accompanied by a short article about coping with volatility.
The result? Clients whose expectations are met and even exceeded in a way that matches other services they consume. Clients who are more motivated to engage with the planning process, making it easier for you to demonstrate your ongoing value. And, for your firm, increased productivity as technology takes more of the load.
Our smartphones let us stay in touch, keep track, get informed, get tasks done. All these things are such important parts of the adviser-client relationship. And all of them can be made faster, more engaging and more seamless through app tech, which will help move the industry ever more forward.
Yasmina Siadatan is chief revenue officer at Dynamic Planner
