If you had to make a pie chart of all the reasons a client might end their relationship with a financial advisor, what would the biggest piece of the pie represent?
While it may not be the sole factor of client attrition, “poor technology” is becoming a growing reason for client dissatisfaction among advisory firms.
In the last decade, great tech has gone from “nice to have” to a must for advisors. Gone are the days when having an app was an option. As many as 73% of smartphone users have used a finance app in the last month.
But developing an app can cost well into six figures, and that doesn’t account for the time and manpower required to maintain it.
When one of the biggest clients at Fulton Financial Advisors told them he was leaving if they didn’t improve their technology, they knew a change needed to be made.
How Fulton Financial Advisors Invested in Tech Without Breaking the Bank
FFA wasn’t looking for a simple aggregator – in fact, they already had one. They needed something that brought data to life and made it actionable.
They found their solution in Wealth Access.
Differentiation in Use of Aggregation from Wealth Access on Vimeo.
They took a slow approach, introducing the new tool to their advisors and clients a handful at a time – beginning with their client who had given them the ultimatum regarding their previously outdated tech.
“We were a little nervous about it,” said Sal Marone, FFA’s Chief Administrative Officer. “It’s a very robust program and we weren’t sure about just throwing him into it.”
Far from feeling thrown in, the client was eager to check out the new program—and he loved it. Within a year, he moved the rest of his assets over to FFA and has stayed there ever since.
Client Acceptance of Mobile Client Experience from Wealth Access on Vimeo.
There’s a lot more to the story.
Hear from Fulton Financial Advisors’ Chief Administrative Officer, Sal Marone, in our latest case study.
