Lumiant Update: 23 August 2023
Hello team!
This week we wanted to bring you more insights and resources to help you engage clients and motivate them to take action on their financial plan. Take a look at what’s in store below
Customer stories
News you can use
Product Updates
Tips & Tricks
As always, let us know what you think of this week’s newsletter:
Let’s dive in
— Ash
??? Customer stories
A Case Study with Telemus Capital: Grow your business with Lumiant HALO
This week's case study comes from Lumiant HALO customer Telemus Capital, a Michigan-based RIA with $3.2B in AUM. Telemus takes a unique approach to financial life management, offering customized life cycle planning for clients throughout the key stages of their lives.
How? By taking a holistic approach to gain a deeper understanding of a client’s entire financial life to create a fully integrated plan.
It has proven to be a successful approach, propelling the firm to the top tier of RIAs nationally in 14 years.
But having hit the proverbial growth wall, Telemus needed to differentiate its offering to further enhance its customized life cycle planning approach.
So, the firm looked for innovative technologies that could further enhance, personalize and customize financial plans for clients. It identified Lumiant’s HALO as a tool that could do just that, through its personalized Health Analysis and Longevity Optimization assessment for clients.
Why? Because it enabled their advisors to go beyond averages and provide personalized longevity and elder care cost projections. This enabled clients, their families and their advisor to make more informed financial choices, based on lifestyle and demographic factors, and family health history.
The end result:
Want to find out more? Read the case study below ??
Lumiant Early Adopters Club
Do you use Redtail or Riskalyze (Nitrogen)? Are you looking to integrate Lumiant into these environments? Then get in touch!
We’re currently in the final stages of completing our integrations with these providers. As such, we’re looking for early adopters to help us test and refine our solution.
Whether you’re a Lumiant customer or not, we’d love to hear from you.
You can sign up to our Early Adopters Club below and we will be in touch to give you early access to our latest and greatest features.?
?? News you can use?
A third of clients switched wealth managers for a better experience
According to Salesforce’s Connected Financial Services Report, clients seek better experiences from their wealth managers, with 34 percent switching providers in the past year.
In fact, only 27 percent of clients are completely satisfied with the digital experiences provided by wealth managers. Clients today want to be able to access, manage and track their financial lives online, and that includes their financial plan.
This comes as no real surprise to us. Much of the technology used in the financial advice process has been designed and built for the advisor. We have modeling, portfolio management, risk tolerance, cash flow, and more tools to report on the client’s financial performance.
But is that really the experience clients want?
In our latest Insights article, we take a look at what we think makes for a good digital client experience.?
In short:
Client & life first: We believe a good client experience puts the client and their lives at its heart.?
Visual: A good client experience is visual and helps to motivate clients further to take action on their financial plan.
Interactive: Clients should be able to interact with their financial plan through your digital experience and use it to make more informed choices.
Complements your human-to-human experience: Your digital experience should not be designed in isolation or it risks being disjointed. It should complement and align with your physical, human-to-human experience.
Want to learn more about Lumiant’s digital experience and how it can help you enhance your overall client experience? Get in touch today.
Insight Three: From the Clouds to the Street
It’s been a while since we covered Brendan Frazier’s insights from SHIFT. But we haven’t forgotten.
This article is the next installment. It looks at how the more vivid and clear your future is, the more likely you are to change your behavior.
We couldn’t help ourselves but scream “YES” when we read this. It’s one of the main reasons we built Lumiant - to help clients truly articulate and visualize what their best life could look like.?
This isn’t something they can achieve by looking at spreadsheets, graphs or discussing vague financial goals - like retiring at 65 with $X. They can’t relate to it. It doesn’t resonate with them. They can’t visualize how these numbers translate to real-life outcomes. What their financial retirement goal empowers them to do.
领英推荐
It’s why visualization techniques have been around for centuries, with many still being used today. There is real power in creating “vision boards” and the likes, as it helps us to identify what we want to achieve.
For advisors who are looking to motivate clients to take action, making visual financial plans could help them to start ticking off their goals. And the more goals they achieve under your guidance, the happier your clients will be.
Here are some tips to bring your plan to life:
Personalize plans with images and videos
Where you can, add pictures and videos to a client’s financial plan and, most importantly, their goals. This will help bring the outcomes to life for the client and improve their motivation to act on their financial plan.?
Lumiant’s Your Goals module allows you to upload videos and images to goals, constantly reminding them what they want to achieve. Like their own personal digital vision board!
Simplify your visuals to make them understandable
Not everyone will understand a monte carlo simulation graph or portfolio performance reports. While some will love the data and graphs, most will be turned off by them. Think about other ways you can visually display this information.?
At Lumiant, we use various scores to help clients better understand their progress at a glance, such as our Best Life and Wellbeing scores.
Capture the non-financial goals
While it’s easy to focus on the numbers, they are only an enabler to the client. By capturing their non-financial goals too, you can give clients a more rounded picture of how your advice is holistically improving their lives.
Update completed goals with real pictures
We often get nostalgic when flicking back through old photo albums. We remember how we felt and how much we enjoyed the experience. Let your financial plan be the same.?
Update completed goals with real pictures of your clients completing them. When it comes to your progress meeting, spend five minutes walking down memory lane to get your clients pumped for what comes next.?
Making your plan as visual as possible is critical if you want to motivate your clients to achieve success and act on your guidance. That’s why our platform is as visual as possible. To help you guide your clients to achieving their goals and live their best life.
?? Product Update
You can now archive client files in Your Vault
In this week’s product release, we’ve made a few small updates to the Lumiant platform. The most notable one is advisors are now able to archive documents in Your Vault. This new functionality provides better version control and meet compliance requirements.
Additionally, it now gives advisors the ability to ensure the files visible in Your Vault only represent the most up-to-date documents. With old files being archived to ensure we maintain a record.
Now, each file type in Your Vault is categorized as “Published” or “Archived”, enabling you to quickly see current documents. You can read our updated guide here.
Big thanks go to those firms that requested and helped us with this feature. As always, should you have an idea for Lumiant, you can let us know by submitting it below.
Latest Tips & Tricks
We want to help you make the most out of your Lumiant subscription. Here are a few tips and tricks that can help you better use our platform with your clients.
Get secure with MFA
Multi-factor authentication (MFA) is quickly becoming the de facto standard when it comes to logging in to your personal accounts online. It offers an extra layer of protection, beyond just a username and password, to ensure your accounts remain secure. Helping prevent unauthorized access, and keeping personal information and accounts safe.?
We highly recommend you set up MFA for yourself, your staff and your clients. Lumiant holds a lot of sensitive information. By implementing MFA, you ensure your clients' data remains secure.?
Taking advantage of our new client segmentation feature? Try this…
Have you heard about our new feature for client segmentation? Are you looking to implement it across your entire client book? Want a shortcut?
We’re here to help. We’ve just launched a new ability to update bulk assign clients to your new client segments. You can find out more here.
For those of you still getting up to speed on this new feature, you can read our article on the new feature here or get further information from our product guide on our Support Center.
Into the Lumiverse episode 2: Healthy. Wealthy. Wise.
Healthy. Wealthy. Wise.
That’s the topic of this month’s Into the Lumiverse, where Mark, Dennis and Tom discuss the big shifts in the financial advice industry.
So what does healthy, wealthy and wise mean? And how does it relate to financial planning?
Check out the full episode here.
Bonus item: Ensombl AdviceTech Podcast #46 – Lumiant
In this episode, Lumiant’s Mark Akeroyd is the guest of Ensombl’s AdviceTech podcast. Host Peita Diamantidis chats with Mark as they take a deep dive into the features of the advice and client engagement platform. Where it fits in an advisor’s tech stack. And, the power of a scalable experience.
We hope you enjoyed this newsletter. We’d love to hear what you thought and how we could make it better and support you in creating extraordinary client experiences.
So, what did you think?
Product Designer // Software builder
1 年Nice one Ash ??