Client-centred technology strengthens the adviser-client relationship

Technology Featured

by Eoin McDonnell, Head of Technology Delivery and Architecture, Centrepoint Alliance
A new generation of client-centred technology tools are enabling advisers to get closer to their clients and provide ongoing value as a trusted adviser.

Cash flow management solutions aggregate information from a client's various accounts to provide a more holistic picture of a client's financial situation, lifestyle requirements and spending patterns.

It allows both clients and advisers to understand and better mange how their everyday cash flow affects their long-term planning and funding requirements.

Playing to advisers' strengths

These tools complement advisers' natural focus on building their clients' wealth through effective investment structuring and strategies, and protecting them through risk insurance.

They have many benefits, including:

  • Improving client engagement.
  • Providing clients with a sense of assurance that they have control of their financial affairs and a financial plan to achieve their goals.
  • Enabling advisers to gain greater insights into their clients, both their financial situation and their motivation and concerns, by stepping into their shoes and seeing their financial situation from their perspective.

As many aspects of the wealth management value chain have become commoditised and available online, many advisers are focusing on the one thing that can't be automated - understanding a client’s situation and aspirations and providing ongoing guidance as a trusted adviser.

Leveraging client engagement technology

Advisers can use these cash flow tools in a number of ways depending on their clients value proposition and their clients' needs. They can be incorporated into their existing advice offering or provided as an additional ongoing service.

Some clients may appreciate and actively use the tools to better monitor and manage their cash flow and expenditure while others will appreciate a regular detailed review with their adviser. 

These tools can be useful at all client ages and stages of life, whether starting out and trying to find money to build wealth, dealing with the pressures of having a family, preparing for, or in retirement.

Centrepoint's recommended cash flow solution

As part of our technology offering we have reviewed the major cash flow solutions available and entered into a partnership agreement with Moneysoft because we believe it is the solution most likely to meet the needs of our community.

We have conducted trials with some of our biggest advice firms and have received many positive comments from our advisers, including “superb reporting, budgeting options, a focus on cash flow reconciliation and no fixed monthly fee!”  We aren’t mandating that advisers use Moneysoft but we believe it provides good all-round features and value for money. While none of the cash flow solutions are yet able to fully integrate with XPLAN, we believe Moneysoft has the best potential in this regard.

Centrepoint is trying to identify innovative technology solutions to meet the needs of advisers so they can focus on their core purpose and value – understanding their clients, building that relationship and trust with them, and helping them achieve their goals with peace of mind.

Like to learn more about how we can support your advice firm through advice technology? Submit the form and we’ll be in touch.

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