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Client dashboards – A fintech trend worth adopting

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Imagine being able to give your clients the ability to access all of their financial data, on the move, 24/7... The freedom this would give them, and how this could revolutionise your relationship with them. Not only will they be able to access their investments and pension and general savings portfolios,...

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by moneyinfo
| 07/02/2017 17:05:00

There is a secular trend already in motion across the financial services industry and that is a drive to give advisers and their clients a truly consolidated view across all of their holdings. Account aggregation software displays a clients entire financial life in a single dashboard view.

This trend goes far above and beyond the rise of robo advisers, which simply provides a low cost automated solution for portfolio allocations.  Instead, moneyinfo is proud to be leading a new generation of apps and platforms that will help advisers manage not only investment portfolios but also pension consolidation and other held away accounts such as insurances as well as a broader range of clients’ assets and liabilities like properties, mortgages and personal finance accounts.

Screeenshot plus ipad"Dashboard strategy should be an advice firm's number one priority..." - Ian McKenna, F&TRC

A US national Advisor Authority Study found that personalized advice for a holistic financial picture was the second most important factor influencing an investor’s decision to work with an adviser. To retain current clients and attract new prospects, the most successful advisers will need to differentiate themselves in this way, by integrating technology with traditional wealth management strategies for a more holistic approach.

The differentiation is easily achieved by creating a simple and transparent front end interface to give clients easy access from any device. It facilitates effective real time communication across any channel and ensures investors feel heard and understood when they discuss their lifestyle goals.  In the background, any effective app should be able to retrieve data on behalf of the individual client and create a dashboard of the most important aspects of their financial life.  It’s a complex task but the real challenge is making the experience as simple as possible for the end client.  UK advisers are currently in the best possible position to deliver this to their clients.  However, this window of opportunity will not last forever.

Ian McKenna, director at the Financial & Technology Research Centre stated recently that dashboard strategy should now be firms’ number one priority.  This is because significant momentum is being achieved with HM Treasury’s pension dashboards project which he has identified will be the "i-tunes moment" for financial advice.  The Pensions Dashboards initiative will make detailed information on a consumer’s pensions readily accessible which is normally costly and time consuming to obtain.  Currently advisers have the ability to obtain a much wider spectrum of financial data beyond pensions alone but are not necessarily capitalising on this.

By implementing a client facing app like moneyinfo which makes it easy for the adviser to bring in all of the information they have the authority to obtain, the adviser becomes the centre of influence for that client and can deliver an i-tunes moment much sooner to their clients.

When the pensions industry has delivered a framework to find a consumer’s pensions easily, there will be a number of dashboard providers out there fighting for the attention of that consumer (and there will be many).  Forward thinking advisers could already have delivered this and much more to their clients.  According to Ian McKenna, the chosen dashboard will be the closest indication of who the clients trust most amongst their financial relationships.

For more information please contact:
Sim Sangha
Business Development Director 
sim.sangha@sammedia.com