Takeaways from Kiplinger: Exceeding Client Expectations with AI

Not so long ago, fintech was considered cutting edge. Financial advisory firms that deployed technology to boost their operational efficiency were considered innovators and trailblazers.

No more. Today, clients expect their advisor to be teched-up – wired with the latest digital tools to provide a more profound personal experience. Need proof?  Check out this headline from a recent Kiplinger article:

“Smart use of technology can free up your adviser to do more for you. From enhanced communication to personalized updates and coaching, be sure to get what you’re paying for.”

Kiplinger lists several enhanced services clients should expect from their advisor in the fintech age, including:

  • Regular communication via text, phone, eblasts and personal emails.
  • Pro-active, timely conversations on client-specific issues and milestones, such as looming college expenses, maximizing Social Security benefits, or how an IRS rule change might impact their finances.
  • More emotional support in difficult times – either for the client or the markets.
  • Increased in-depth coaching on all aspects of their financial strategy, from investing to taxes to estate planning.

Benjamin, the premier AI Assistant designed for the financial advisory profession, can help firms over-deliver on all of those services. Benjamin turbo-charges a firm’s tech stack by integrating various systems’ functions to create powerful client service tools.

Here are just some of the ways Benjamin helps advisors exceed client expectations:

Arranging client calls. Benjamin can schedule phone calls and communicate with the client to confirm the time and agenda. Multiple calls can be scheduled based on different client profiles, such as those taking an income or clients whose portfolios have dropped by a certain amount in a set timeframe.

Handling meeting prep. Benjamin can gather and deliver all the information an advisor needs to conduct a productive client meeting. This capability frees advisors and their teams to spend more time personally interacting with clients and otherwise providing the human touch.

Improving meeting follow-up. Back-to-back meetings are tough to juggle. Benjamin helps ease the workload by coordinating the notes from client meetings and calls based on information in your calendar. This function ensures that everything gets documented, and that follow-through tasks are scheduled and executed. Benjamin follows up with the advisor after phone calls or video conferences and pushes the notes and next steps into the CRM.

Monitoring new monies. Benjamin tracks the creation of new accounts, as well as transfers and rollovers. It also notifies the advisor and his team when a client deposits additional funds to take advantage of a market opportunity.

Watching cash positions. Benjamin’s morning re-cap of large cash positions can help advisors identify clients who are in a place to take advantage of a looming market opportunity or those who need to generate more cash. Benjamin’s robust communications capability allows the firm notify clients of trades made to improve their position quickly.

Benjamin’s Value Change Notification (VCN) function goes even further to help advisors proactively identify clients who may need personal attention during market turbulence. The report shows the simple change in a client’s portfolio value over a chosen period so an advisor can quickly assess how badly adverse market conditions have impacted a client. The VCN can also be used in conjunction with Benjamin’s communication capabilities to proactively reach out to a subset of clients. For example, advisors can send a note to schedule a 15-minute conversation with every client who has seen a drop of more than 20% in their portfolio and has not been contacted in two months or more.

Sending notification texts to client groups. Benjamin can pinpoint the clients impacted by the firm’s decision to change (or retain) a position. This allows advisors to proactively send texts to explain the move and engage in a dialogue about it.

Today’s consumers do indeed expect “more” from every business, including their financial advisors. That bar is only going to rise in the coming years. Benjamin can help you leverage both your tech stack and staff time to ensure that your clients have a best-in-class experience – both now and tomorrow.

client expectations online survey over phone