10 October 2015


Retired Member

1,258Posts 4,280,554Views 1,521Comments

Object reference not set to an instance of an object.

08 November 2012  |  2735 views  |  0

In light of Celent’s recent report, ‘Mobile Applications for Advisors: A study of the European Market’, there is much evidence to suggest that the growing trends of mobile and tablet apps are enhancing wealth management advisors’ ability to serve customers and offer up-sell opportunities.

The ever-changing landscape of wealth management means that traditional methods of practice are in serious need of evolution. Fears of falling portfolio values have in turn increased demand for stronger advisor-client communication for which channels are due a revamp. This is where mobile apps are proving fruitful in two ways; firstly, clients are given direct access to their portfolios. Just how much read/write ability is allowed is at the discretion of the banks: they certainly do not want to cut their advisors out of the investment process. Secondly, and with seemingly higher demand, banks are providing apps for advisors themselves.

Advisor apps not only provide the opportunity for advisors to showcase client portfolios in a medium rich with interaction, they also liberate advisors to leave the bank and meet with clients offsite. This provides the crucial stepping stone to securing the face-time which is so often lacking in a digital age. And when advisors meet the clients, they need to be armed with the most up-to-date portfolio information. This is only accessible with online tools – and who wants to get out a laptop and load that up in front of a client?

Despite being in very early stages of adoption, the market for tablet and mobile banking apps is most certainly beyond the embryonic stage, with Asian and US markets leading the way. Europe’s reticence over the security implications involved is already existent within traditional wealth management. The common practice for advisors is to visit clients at home for a portfolio review. Bearing that in mind, the chances of losing a paper document or a tablet are equally viable but the key question is: which one would you rather lose; a portfolio that has all its data encrypted and password protected or a paper folder?

It’s really impressive having swanky mobile/tablet apps for advisors to drill down into portfolio specifics with clients, but private banks are actually looking for apps that are relevant throughout the lifecycle of a customer. This means that advisors can sign-up clients through their apps in-person and speed up the on-boarding process.

Today’s 20-something entrepreneurs will be tomorrow’s HNWs, and for this generation tablets are pervasive through all parts of life. Banks must incorporate this technology into their client interaction, to get customers onto their books and maximise customer stickiness. Banks cannot afford to be left behind by the tablet revolution and must capitalise on this technology to gain real business value.


Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Reflections on FinovateFall: Mobile, Money and Millennials

24 September 2015  |  1013 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Interoperability: Prerequisite for Next Generation of Mobile Money

08 September 2015  |  1818 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Think More Broadly: Banks CAN Monetize Cash Transactions

31 August 2015  |  1491 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Mobile Bill Pay: NOT a Solution in Search of a Problem

20 August 2015  |  5021 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Re-imagining the Core: Bank Payments Systems

14 August 2015  |  4372 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Dirk Kinvig
Ketharaman Swaminathan
Brendan Burge
Astrid Mitchell
Graham Seel
Bjorn Soland
John Candido
Gregg Weintraub
Stanley Epstein
Charmaine Oak
Roy Vella
Asenath raja