The Client-Centric Tech Stack

Welcome back to Client-Centric Advice! I'm Fraser, co-founder of Lyfeguard . Through my conversations with advisers and my work building Lyfeguard's client management solution, I've seen great strategies and gained insights into how advisers are deepening client relationships – and I'm excited to share them with you in this newsletter.

It's easy to get caught up in the hype surrounding the latest-and-greatest technology innovations.

But before you rush to adopt every shiny new piece of software going, it's essential to take a step back and ask yourself: "Why am I building this tech stack in the first place?"

The answer, of course, should always be: to better serve your clients.

The "Why" Behind Your Tech Stack

A tech stack encompasses the tools and platforms used to support you in delivering exceptional advice.

Rather than isolated blocks, these technologies should integrate seamlessly into your processes and serve as the digital backbone of your business.

When implemented strategically and thoughtfully, the right technology can be a powerful asset in driving efficiencies, ultimately freeing up the time for you to focus on high-value activities: client interaction, financial plan activation and business development.

Efficiency is Key

Research from Solve Partners and SEI found that the industry spends 43% of its time on low-value activities.

Such activities, often administrative in nature, increase the cost-to-serve clients which is particularly problematic when considering a increasing regulatory requirements, growing competition and a challenges macro-economic environment.

It is crucial to consider where technology can helps increase the time spent on high-value activities, by automating tasks and enhancing processes across touchpoints that offer little or low value.

Omnichannel Communication

Consumer preferences have evolved rapidly in recent years, with factors including Covid-19 driving rapid digital adoption. Increasingly, clients expect an omnichannel experience or, in other words, a unified and seamless journey across both human and digital touchpoints.

Consider the areas in which your clients place signficant emphasis on speaking with you directly, and the places in which information could be served more efficiently via technological means.

Instant access to financial portfolios, secure messaging, and video conferencing are but three examples of where technology can help clients feel continuously connected, enhance their experience, and free up more of your time to prioritise delivering for them.

Personalisation

Personlisation is often cited as a leading driver of satifisfaction and clients expect it throughout the advice process.

But, personalisation is not just applying techniques such as inserting a %FIRST NAME%, placeholder at the start of a monthly newsletter.

(although this is highly-advised - lots more clicks!).

At its very essence, financial advice must be personalised throughout. Each client has a unique story and vision for their future. Without personalisation running through the core of financial advice, supporting clients to fulfil their dreams would be an impossibility.

This is where technology can assist. Whether it be AI-assisted meeting notes that capture key client details, holistic client portals that provide a centralised view of their life, or more robust KYC/AML procedures that ensure compliance while streamlining the onboarding process, the goal is to generate a deeper understanding of each and every client. And in doing so, technology acts as an enabler of better, more personalised advice.

The Fundamental Principles

There is no one-way to build a tech stack: it has to work seamlessly with the bespoke nature of your business.

While not an exhaustive list, these are four general principles to bear in mind:

1. Choose technology that enhances the client experience, not hinders it.
2. Prioritise data security and privacy at all times.
3. Ensure your tools and processes integrate seamlessly. A fragmented system = tech debt.
4. Pick scalable technology that can grow with your business

Final Thoughts

The ability to leverage technology effectively is increasingly becoming a key differentiator in wealth management.

Stategically adopted tech stacks focus on leveraging tools to enhance services, deepen relationships and create a wholly client-centric experience.

Thanks for being a part of the Client-Centric Advice community! I'm always looking for ways to make this newsletter even more valuable. If you're an adviser with unique perspectives or would like to contribute to a future edition, please reach out – I'd love to hear from you.

Until next time,

Fraser