The Lumiant Update: 24 July 2023
Firstly, thank you to all of you who provided feedback on the last newsletter. I’ve read it all and aim to keep improving this as we go. So keep it coming and we’ll keep bringing you the content you want to read.?
This week, we bring you:
Customer stories
News you can use
Product Updates
Tips & Tricks: HALO Edition
Let us know what you think of this week’s newsletter:
Now let’s dive in
– Ash
??? Customer Stories
Innovative Wealth Solutions: How values can help align a couple
This week we wanted to bring you a client story from senior adviser Mark Pearson from Innovative Wealth Solutions, a firm that ideally wants to help clients find a balance between financial health and living a purposeful life.?
This story looks at how the Lumiant values session helped a couple see that while they wanted the same things, it meant something different to each of them. And how giving them space to discuss their values enabled them to be intentional with goals and better engaged to take action.
More customer stories coming soon
We have more customer stories in the works on how they are using Lumiant with clients. If you’d like to promote your story, hints or tips in using Lumiant, we’d love to hear from you. We’re also looking for guests for Lumiant Live. If you think this could be for you…
?? News you can use
We have just the one news story for you this week but we think it’s a big one. New research from J.D.Power says nearly one in three advisors say they don’t spend enough time with their clients.
Why? Because they spend an average of 41% more time each month than their peers on non-value-added tasks, such as compliance and admin.
Many advisors struggle to find the time to deliver the level of service they know is critical to growing their business.
This is making many advisors assess their future, with 20% of advisors indicating they are five years or less away from retirement and around 30% of advisors “probably will” be working for their current firm in the next one or two years (as opposed to “definitely will”).
We’ve seen our customers take many different paths to improve the time their advisors spend with clients. Here are a few ideas to help get you started:
?? Product Update
Introducing client segmentation: a new setting to deliver different experiences to different clients
This is a big update for Lumiant and will empower you to design bespoke digital experiences based on your client's needs.
How so? With client segmentation.
Client segmentation allows you to choose the modules and surveys available to which clients.
That means for some clients, you can design their experience so they can only see Your Life, Your Values, and Your Goals. And for others, you could enable the whole suite of modules.
Let me explain.
For most advisors, you’ll have a segment of clients that might not be as complex as the majority of your clients.
You’re essentially investing in them now so you can support them in the future. Ready for when things get more complex and they have more wealth to be managed.
For this low-value segment, you might want them to have a more self-directed experience, with all surveys turned on. Allowing them to do most of the prep work prior to the meeting, so you can ensure your time is spent effectively.
Whereas higher value segments that require a higher level of service might have fewer surveys in their experience. This could be because ?the firm wants to complete these experiences in the office as part of the service offering.
For practice managers, client segmentation gives you the comfort and control over the firm’s advice experiences. Different experiences can be configured to mee the servicing needs of different segments. Being able to configure the Lumiant allows you to scale your advice experience in line with your segmentation model.
For advisors, it means they are able to control what clients can see and interact with, when logging into their Lumiant client portal. Activating only those modules they need to engage with, while hiding those that may come later in the experience.
This offers your teams more control and the ability to personalize experiences for your different client segments. It means clients will feel like your experience is personally tailored to them and their needs.
Only practice managers will be able to add, edit and delete client segments, as well as enable and disable modules.
Advisors will be able to link households to a client segment and can filter their client lists based these segments.
As always, you can find further information in our support center.
Not a customer? Book in a time with our team below.
领英推荐
Key Advice Areas - You asked. We listened.
We only launched Key Advice Areas earlier this year, and following some great feedback from our customers, we’ve recently updated the module. Special thanks to Albert Delaney and Elliot, Australian Private Capital, Enlightened Financial Solutions, and Treysta Wealth Management for their input on this update!
What’s changing?
Next week, we’ll be introducing a new Overview section. This new section provides a progress snapshot of the Key Advice Areas you are working on with your client. The snapshot is categorized into three areas:
Each Key Advice Area tile also shows the strategies that have been implemented and are now sorted by percent complete by default.
The Overview is also displayed as a widget on the client dashboard for an easy at-a-glance view of the priority action items.
Clients will also be able to see the summary on their dashboard and view Key Advice Areas. Giving clients a visual understanding of what the strategy means to their overall plan and the value you are providing.
You also asked to be able to sort the Key Advice Areas in order to better understand priority areas. With that in mind, we’ve added a dropdown sort function that allows you to sort by:
Lastly, we’ve added start and end dates, as well as amounts within the strategy details modal.
This is particularly useful for time boxing and compliance. Creating a record of what needs to be completed and by when.
Key Advice Areas is quickly becoming the strategic hub of Lumiant.
Where you can walk your client through the advice areas you’re working on (and just as importantly, which you are not). Discuss the financial strategies that will help clients progress in those areas. And, see the values, goals, and tasks that are linked to those strategies that will empower clients to live their best lives.
The best bit: Key Advice Areas will become the module that demonstrates your value, different service offerings, and advice expertise visually to the client.
Let us know what you think of the changes below. And as always, please keep submitting your feedback for the platform and how we can make it better.
Final note: Default client view
When we rolled out our client filter functionality, we heard from many of you that you’d like to choose your default filter. Either to see all clients or just those that you’re managing.
Well, we heard you: From next week, you will be able to set your preferred default view. Allowing you to configure your client list view to how your firm best operates.
We hope it helps!
Latest Tips & Tricks: HALO Edition
As many of you know, we’ve recently acquired Genivity’s HALO, which is currently available as a separate subscription in the United States (we’re working hard on localizing this for other markets).?
To help you get on the front foot with HALO and learn a little bit more about its Health Analysis and Longevity assessment, we thought we’d share a few new materials.
Whitepaper: The Science Behind Lumiant HALO
Are you fed up relying on averages to determine things like life expectancy and how much money your clients need in retirement to cover elder care costs? Then this whitepaper is for you!?
Inside, we explain the limitations of current approaches while detailing our innovative methodology for longevity planning.?
If you want to understand the science behind HALO, this is a must-read.
Use case: Personalize your client experience with Lumiant HALO
A perfect follow-on from the whitepaper, this short little guide provides an example of a workflow that enables advisors to better personalize their client experiences with HALO.
Use case: Expand household relationships with Lumiant HALO
This is another short guide that provides an example workflow of how you can use Lumiant for intergenerational client engagement around elder care costs.
This is a hugely important topic in any family - certainly according to Allie Jordan, CEO at LibertyFi, who was on our latest episode of Lumiant Live → check it out here or watch below ??.
Bonus item: Your Governance walkthrough
Wanting to learn more about Your Governance? Check out this helpful video walkthrough that tells you all you need to know about using the module.
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?
Lumiant. Empowering individuals and their families to live their best life confidently.