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Client engagement tools help grow bottom line

Client engagement tools help grow bottom line

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By tlewis ·
March 03 2016

Client engagement tools help grow bottom line

Advisers who use client engagement tools are more likely to increase both practice efficiency and profits, says Astute Wheel director Michael Topper.

Speaking to Adviser Innovation, Mr Topper said that client engagement tools help advisers to create more efficient, value-focused and profitable businesses.

"If you can become more efficient in your process, spend less time in meetings, have more meetings […] you're going to end up with better profits," he said.

"In any practice and any business, if you can increase your average sale you can increase your revenue top line and that goes straight to your bottom line."

According to Mr Topper, many of the 500 advisers using his firm's tool have been able to increase their fees. Due to the efficiency it affords, they have also been able to see more clients.

Currently, he pointed out, many advisers don't understand how to accurately explain what financial advice is and what kind of scope it has.

"Most clients don't understand what financial planning is, most advisers don't know how to explain what it is."


This disconnect, he noted, has a large impact on an advice business.

The client engagement tool uses questionnaires, modelling and calculators to provide both advisers and clients with a holistic financial picture.

It allows the adviser to pull a variety of levers in order to ascertain what needs to be done for the client to achieve certain goals. Mr Topper said the client is shown this through images, helping them understand their financial situation and engage with it.

He indicated that within the next four to five months, his firm plans to roll out updates to the tool.





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