The bottom line today is very simple – you need to be where your clients are.
We all check our phones as much as 100 times a day (source Adweek). This presents your business with a phenomenal opportunity to become a ubiquitous part of your clients lives.
It's no longer good enough to have a basic client login via your website. That’s yesterday’s news. Here are some reasons why you need to implement a company branded app for your advice business:
- Increase visibility to your clients at all times. This engenders trust, transparency and demonstrates you are accessible, even in the difficult bear periods. The right client portal apps can help re-assure clients they are still on track.
- Client engagement: Apps account for 89% of mobile media time, with the other 11% spent on websites (Smart Insights). 73% of investors simply want better access to their portfolio information (EY Global Wealth Survey 2016). If you do not offer easy access on your client’s devices, they are likely to seek out better services elsewhere.
- Innovation: Not only can you make your own brand and reporting more accessible, the right client portals and apps can offer account aggregation so they can view and track multiple accounts with different providers in one place.
- Value & fee justification: Give clients tools that exceed their expectations and justify your fees with ongoing service along the way.
- Client retention: If you offer them an app that can manage, organise and track their entire wealth in place, they are very unlikely to go elsewhere and invest time in building up their financial profile again.
- Increase your marketing reach: The right mobile app can display information on your wider services via blogs, newsletters, videos that you are most likely to be producing and displaying on your website. The problem is your existing clients have no need to visit your website or they will not open marketing emails.
Interesting facts about mobile:
- Worldwide, more people own a cell phone than a toothbrush (ewwww!). (Consumer Technology Association, 2015)
- 69% of smartphone users also say that they are more likely to engage companies with mobile sites/apps that easily address their questions or concerns (BrightEdge, 2017)
- What would consumers give up instead of their smartphones?