April 30, 2020 Uncategorized 6 mins read

Shifting Into Gear

How Advisors Can Drive Client Engagement

Pascal Financial, an emerging wealthtech leader, has announced the full-time appointment of investment industry leader Howard Atkinson as Chief Business Officer. As the wealth management industry grapples with changes accelerated from COVID-19, Atkinson will focus Pascal’s team on rapidly deploying it’s fully integrated, AI-powered wealthtech platform across three key wealth industry markets: IIROC & MFDA Dealers, Portfolio Managers and Financial Advisors.

What is client engagement?

There are a lot of buzz words and management jargon around client engagement today, but we like to keep things simple and relatable at Pascal. I enjoy mechanical things and being an avid motorcyclist, the definition of engagement I find most relatable in the context of the financial advisory business is “the state of being in gear”. For anyone that has driven stick-shift or a motorcycle, you’ll fully appreciate the feeling of being in the right gear when going into a steep curve on the road. That’s the feeling you get when you’re engaged with your client. And just like each road you travel; each client is unique and finding the right gear is the key to a good journey. Let me explain more in the next section.

How is it different from client experience/satisfaction?

The two are quite different. Think of a client that just wants the service and wants to be left alone once the service is delivered. If you work toward increasing client engagement you may in fact take a positive client experience and turn it into a negative one. I’ll revert back to my gear analogy and driving a motorcycle. Client engagement needs to be customized with each client and consider their unique situation. Are you driving with your client on a gravel road or are you on the autobahn? Do you downshift or go into overdrive? What are the gauges saying? What’s the fuel level? What’s the RPM? Can you give her more gas, or is there a speed trap ahead (compliance)?

Since client engagement is not one size fits all, how do you customize for so many clients? This is where Pascal’s AI-powered digital wealth technology comes in for the ultimate driving, sorry, ultimate advisor experience. Think of having an automatic transmission with an extensive sensor system for outstanding gearshift quality. A transmission control system that uses information from the drive control (e.g. engine speed, accelerator position), the dynamic control systems (steering angle, linear and lateral dynamics) and the safety systems (ABS, Collision Prevention Assist) and to be able to control all shift processes optimally using these data. Client engagement is more than a soft term or latest trend that many technology companies put on their packaging. At Pascal, client engagement is built into our DNA and our whole platform leverages it to empower the advisor.

Why do it?

Because numbers don’t lie. According to a study by Hall and Partners, up to two-thirds of a brand’s profits might rely on effective customer engagement. Another customer engagement study by Ray Wang of Constellation Research found that “…companies who have improved engagement increase cross-sell by 22%, drive up-sell revenue from 13% to 51%”. Given this direct correlation between how engaged your customers are and how profitable your business is, you’ll want to ask yourself: how engaged are my existing customers? How can I increase engagement? What tools do I have at my disposal? What tools do I need?
This is where Pascal comes in. Purpose built for advisors, our wealth management platform starts with client engagement. When you truly know your client, you can have a solid relationship built on fact and science, so the Pascal client journey begins with a behavioural finance prospecting tool that we call InvestorDNA. It’s part of a free technology bundle — Prevail — that we’re offering to advisors to help them engage with their clients during the COVID-19 pandemic.

How do you measure it?

As the old adage goes, if you can’t count it, you can’t manage it. Measurement is easier for online web applications with metrics such as activity time, visit/purchase frequency, average order value, repeat purchase rate etc. But what about the advisory business where there’s a human element involved? Advisors need to have fully integrated digital wealth solutions that are purposely built for the advisory business. B2C digital technologies that have simply been repackaged for advisors won’t do the trick. This is where the Pascal platform excels.

Our client engagement data analytics let you know exactly how and where your engagement efforts are working so you can fine tune your process to each client over time. An alerts engine delivers more than 50 different types of alert to your dashboard so you can have the pulse of your client. These alerts are configurable at the dealer or advisor level, giving advisors all the gauges and auto-pilot capabilities to turbo-charge their client relationships.

Prevail Engagement Hub

Happy driving!

I hope this gives you a better understanding of the client engagement process and how we can help you drive your engagement using our Pascal platform. We always enjoy hearing from advisors, so please don’t hesitate to reach out to me or anyone on the Pascal team to talk about how we can help you with your client engagement program. Happy driving!

Learn more about Pascal’s COVID-19 wealthtech bundle Prevail here: https://pascalfinancial.com/prevail/

About Fotios

Fotios has more than 25 years of experience in wealth management operations and technology. Prior to joining Pascal, Fotios founded and served as President of Vexo, a fintech that brought to market Canada’s first technology solution enabling mutual fund dealers to access ETF markets. He had a distinguished career at National Bank of Canada where he headed up the wealth management operations in Toronto. An active industry and community volunteer, Fotios currently serves as board chair for the Learning Enrichment Foundation. Fotios holds a BComm from Concordia University and an MBA from Queen’s University.

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