Client portals provide gateway to secure client engagement

Take-outs:

• Client’s portals are now the frontline in supporting advisers with cyber security and client engagement.
• Data security is a strong feature of client portals, assisting advice practices in managing client information and communication.
• Client portals must add to the experience of advice, not just add another password to their list.

Consolidated logins via client portals are a common way people engage with their service providers, setting the standard on client experience.

Speaking in a HUB24 panel session at Ensombl’s All Licensee PD Day, Finura Joint Managing Director Aron Satchell said client portals provide a client-centric solution for the storage and deliver of advice.

“Advice offices were process driven but now they are thinking of the client first and what does the client actually want? This leads the conversation to client portals.”

According to myprosperity CEO Peter McCarthy, three years ago, 30% of people were using client logins on their mobile – today it is 72%.

This makes client portals central to the way advisers engage with their clients, with great financial service companies focussing on client experience.

“You will be judged by what they were using before they logged in to your portal,” said McCarthy. “Be it Spotify, Uber or Instagram, a more modern experience is what is going to be expected by your clients.”

But client portals have another important function – data security. Fintalkr Founder and CEO, James Wartho said the financial advice industry collects more information than any other industry and questioned whether email should be used to send file notes given the amount of information they hold.

According to the Finura Business Tech Health Check, 74% of surveyed businesses still email sensitive documents such as SOAs direct to clients, which contradicts the secure online experiences provided by banks, telcos and energy companies.

Integrating client portals assists in the safe delivery of information to the client but as Satchell notes, it is important they are not another complexity in client’s lives. “How can we use a portal to deliver advice in a digital way without creating new passwords.”