The financial planning industry has always been in a state of change, and today is no different. In a post Royal Commission world, we are seeing more change then ever from education, legislation and our clients… and sitting in the background amongst these changes is technology.
Advancements in digital infrastructure is moving at a rapid pace, opening the way for more affordable cloud platforms and the introduction of faster data transfer rates. We have also seen moves to simplify technology, making it easier for anyone to click on a link or an app to access information.
Tools such as Zoom and Docusign can help your business bridge geographical boundaries and cashflow solutions such as MoneySoft can help you better engage with your clients.
Zoom is a simple videoconference and meeting application that has an easy to use interface and powerful features such as document sharing and annotation functionality.
You clients can join Zoom meetings from their telephone for an audio-only connection or easily link their phone with their computer for a face to face meeting.
DocuSign eliminates the need to send documents via express post saving you time.
The simplicity behind this application allows clients to sign documents from their smartphones, tablets or computers with just a few click or taps of their device.
From a tracking and security perspective, this will provide you and your business with a full audit trail and encryption of the document as it moves between you and the client and even additional parties that are required to sign.
Cashflow management and budgeting is always a high priority, particularly for millennial clients.
We now live in a world where wage growth is being out paced by increases in costs of living. We also live in a tap-and-go society, where it is quite easy for individuals to lose track of their expenditure.
MoneySoft is a tool that consolidates expenditure information (fed from their bank account including credit cards) making it easier for advisers to collate and analyse clients’ spending patterns. This allows advisers to not only provide guidance to clients around investments and insurance but also on spending habits.
In an ever-changing compliance and education environment, it is more important than ever to be aware of the technology available that can help you to maximise your time when engaging with your clients.