Enhancing client engagement and financial education

Financial advisory practices must continually evolve – especially in the digital age – and effective client engagement is paramount. With 53 per cent of investors expressing a desire for financial education from their advisors,¹ it is crucial to leverage available tools and strategies to meet this demand. This insight explores how financial advisors can utilize technology tools to better focus their efforts to personalize communication, drive awareness and foster meaningful dialogue.

 

THE IMPORTANCE OF CLIENT EDUCATION

Clients increasingly seek guidance on managing their investments, which presents an opportunity for advisors to step in as educators. Recent studies show that investors value personalized financial advice, which may bring them comfort² and peace of mind. By providing relevant insights and resources, you can build stronger relationships with your clients and position yourself as a trusted partner.

To help support client education, there are three technology tools you can use:

1.    Qlik to identify the relevant client segments for specific content.
2.    AdvisorStream to assist in creating relevant content.
3.    Conquest to support implementing appropriate investment planning strategies and stay on track.

ENHANCING CLIENT INTERACTION WITH QLIK

Qlik is a powerful business analytics tool that supports advisors with business growth, retention and optimization. You can analyze client data and produce reports to guide client management and segmentation, leading to the identification of opportunities for client communication and discussion.

Examples of reports that you may find useful include:

• Capital gain/loss information: You can identify clients with significant unrealized capital losses, offering the opportunity to offset capital gains in the current tax year or reclaim gains from the previous three years.
• Opportunities in registered accounts: Qlik can filter a list of clients by registered plan types (RESP, TFSA, RRSP, etc.) to assist with identifying where to optimize contributions and tax advantages.
• Segmentation: Client segmentation may involve numerous qualities of the client including the AUA, prospect referrals, geography, etc. Qlik can help support segmentation efforts by quickly ranking data and information from your client list.

With Qlik’s powerful analytics, you can better segment your client base and determine which clients would benefit most from specific strategies.

ADVISORSTREAM: A RESOURCE FOR ENGAGEMENT

AdvisorStream offers a robust, automated platform that enables you to outsource digital content creation. Following the segmentation of your practice, you can identify appropriate content, tailored to clients’ interests and delivered in a format best suited for each segment.

Key features include:

• Curated financial content: Access to compliance-approved articles, videos and market updates to reduce the time for content creation.
• Customizable newsletters: Create personalized newsletters to stay connected with clients and keep them informed about relevant financial topics.
• Social media integration: Share news and educational content on social media platforms to create buzz, increase awareness and position yourself as an expert in the marketplace.

By leveraging AdvisorStream, you can consistently provide content that resonates with clients, enhance engagement and foster ongoing dialogue.

Some ideas to get started:

• Create infographics that simplify key financial concepts.
• Highlight resources on your website that encourage visitors to connect with you.
• Using Qlik, segment your clients based on demographics and schedule regular touchpoints to send personalized content and market trends.

CONQUEST:

A comprehensive plan can help provide clarity and peace of mind by addressing key concerns around retirement, family dynamics, healthcare, tax efficiency and risk management. Leveraging tools, such as Conquest Planning, can help you build holistic plans faster and with greater accuracy and collaboration with clients. Research has shown that advisors can significantly contribute to the client’s bottom line, but more importantly, 76 per cent of investors who work with an advisor report a positive sense of well-being.³

Conquest Planning’s state-of-the-art, strategy- driven model focuses on solving client’s goals through personalized planning. Its built-in, AI-powered advice manager proposes tailored solutions based on individual client circumstances and preferences. Collaboration with clients in the investment planning process is invaluable so that clients feel empowered in their step-by-step roadmap to meet their financial goals. By helping clients achieve their objectives, you can better demonstrate the value that they bring to the relationship.²

Consider the following comprehensive investment planning campaigns:

• Educational webinars: Host timely sessions to explain financial concepts and market trends.
• YouTube videos: Create short video clips promoting financial literacy.
• Free financial health checkups: Offer assessments and second opinions.

 
FREQUENT COMMUNICATION: THE KEY TO SUCCESS

Advisors who maintain regular communication with their clients are more likely to achieve meaningful results from their marketing efforts. Cultivating a strong relationship with clients means continually meeting their needs and expectations. When relationships are built well, the client often becomes a champion for your practice through referrals. Clients stick with an advisor for a variety of reasons, but one of the top reasons is their satisfaction in the quality of financial advice that they receive.⁴

By integrating Qlik, AdvisorStream and Conquest into your advisory practice, you can significantly enhance the comfort and security your clients feel knowing they are building a relationship with a knowledgeable expert who is attuned to their preferences. Utilizing analytics, providing consistent curated content and personalized planning will position you as a trusted partner in your client’s financial journey.

 

¹ 8 Acre Perspective. “Financial Advisor Marketing Trends Report.” Broadridge. 2024
² Labotka, Danielle. “Why Do Clients Think Advisors Are Valuable?” Morningstar. August 27, 2024
³ CI Global Asset Management. “The Value of Advice.” CI Investments Inc. August 16, 2022
⁴ Morningstar. “Why Do Investors Keep Their Advisors?” Morningstar Inc. February 23, 2024

 

Worldsource is committed to strategic practice management and helping you take your practice to the NextLevel™.

For support starting or evaluating your succession plan, contact us at pm@worldsourcewealth.com.

 

Worldsource Wealth Management (WWM) is a fully integrated wealth management company focused on supporting Financial Advisors and building financial prosperity for Canadians. WWM is a wholly owned subsidiary of Desjardins Group, the leading financial cooperative in North America with over 100 years of dedication to the people and communities they serve. WWM is comprised of: Worldsource Financial Management Inc. (WFM) and Worldsource Securities Inc. (WSI), which are Dealer Members regulated by the Canadian Investment Regulatory Organization (CIRO) and Members of the Canadian Investor Protection Fund (CIPF), as well as IDC Worldsource Insurance Network Inc. (IDC WIN), one of Canada’s largest life insurance managing general agencies.