intelliflo - Five benefits of a client portal
7 September 2021
The portal was launched as a simple way for clients to access in-depth information about their investments and make basic transactions. Nearly ten years on, that goal remains at the heart of the solution, but technology has advanced and there are now many more advantages – to both client and advisers – from using a client portal. Here are our top five.
- Sharing information securely
Portals also enhance the client experience, providing access to their data in real-time, so they can see how their finances are performing whenever they choose, rather than calling you for an update or waiting for a face-to-face meeting. You can also use the portal to issue targeted information to individuals or groups around important events, market volatility or regulatory updates, demonstrating your expertise and providing reassurance to clients at times of uncertainty. This has been increasingly important over the last 18 months of lockdowns and restrictions, reflected in the 85% increase in users of intelliflo’s personal finance portal between January 2020 and January 2021.
- Delivering an omnichannel experience
Integrations with co-browsing functionality lets you meet clients virtually and communicate via text, chat, audio or video in a secure online environment. According to Ofcom, the broadcast regulator, the pandemic has accelerated the adoption of online services, with more than seven in 10 online adults in the UK now making video calls at least weekly, doubling compared to pre-lockdown figures.
The trend is even more noticeable among older internet users; with the number of internet users over 65 who make a least one video call almost tripling between February 2020 and May 20204. This greater acceptance of digital tools and communication is driving expectations of an omnichannel experience from service providers across all industries.
- Supporting regulatory compliance
In Q1 2021, the Information Commissioner’s Office (ICO) received 255 reports of data breaches from the finance, insurance and credit sector, with 80 relating to data being emailed, faxed or posted to the wrong person, whereas just four were due to a client being shown someone else’s data via a client portal5.
- Providing a holistic view of the client’s finances
Aggregating data on the client’s short-term cash flow and non-advised products alongside the advised portfolio gives a wider perspective on their overall financial position. In the first three weeks of launching Open Banking functionality within the intelliflo personal finance portal last year, advisers identified £20 million of ‘held away’ assets.
- Demonstrating the value you add
A Vanguard study of US investors last year found that 41% of the perceived value of traditional financial advice comes from emotional factors such as trust, personal connection with the adviser and proactive outreach, while 59% was down to functional attributes like the financial plan, ongoing monitoring, visibility of portfolio changes and maximising investment returns plan6.
Exposing the work you are undertaking for your client, providing access to in-depth information about their investments, and delivering targeted expert information helps evidence the functional aspects of your service, while at the same time reinforcing the emotional factors within the relationship and demonstrating the value of your advice.
Client portals can be incredibly beneficial to advice firms offering a secure method of sharing information which saves time and money while supporting regulatory requirements. They also provide clients with access to their financial information at any time, from any device, and help advisers deliver an engaging experience alongside face-to-face, telephone and video contact.
Sophisticated yet easy to use, intelliflo’s powerful technology is crafted to help you save time and cut costs, so you can focus on driving your business forward. Our range of cutting-edge solutions supports over 30,000 financial professionals worldwide. Discover how we can help you, your team, or your clients at www.intelliflo.com
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1 https://www.bbc.co.uk/news/av/uk-20406546
2 https://www.theguardian.com/technology/2012/oct/29/ee-launches-uk-4g-mobile-network
3 https://www.independent.co.uk/arts-entertainment/tv/news/uk-s-final-analogue-tv-signal-switched-you-have-been-watching-last-76-years-8225396.html
4 https://public.tableau.com/app/profile/salesforceresearch/viz/StateoftheConnectedCustomerCOVID19Impacts/COVID-19IMPACTS
5 https://ico.org.uk/action-weve-taken/data-security-incident-trends/
6 https://pressroom.vanguard.com/nonindexed/The-value-of-advice-assessing-the-role-of-emotion.pdf
