"We should be mindful of the benefits to the adviser - namely speeding up the process and removing unnecessary rekeying between FactFind and CRM. "
The majority of clients are willing to digitally engage with advisers throughout the advice process and beyond, according to research from 360 Dot Net.
Its data shows that in 2017 over 22,000 client FactFinds were electronically sent with 80% completed and returned, saving the average adviser between 45 and 90 minutes of data entry.
Its client portal had 8,500 new users with 69% of submitted actions completed and returned to the adviser.
Mark Dryden, business development mirector of 360 Dot Net, commented: "The figures demonstrate a willingness from clients to engage themselves into the advice process, especially during the initial data gathering stage. The obvious benefit is to the client who can provide this information quickly and securely when it is convenient to them, but we should be mindful of the benefits to the adviser - namely speeding up the process and removing unnecessary rekeying between FactFind and CRM. Of more interest is that once a trusting digital relationship has been established through the portal, how does regular and secure communications then maintain the relationship - certainly the initial signs we’re observing are very encouraging.
“There is a lot of excitement over the opportunities presented by Open Banking in the intermediary sector, the question that hasn’t been answered though is how this is delivered. Our research suggests that client facing tools are an extension of the adviser’s digital journey and it is these interfaces where intermediaries can deliver Open Banking capability through trusted and secure sites that fit naturally into the advice journey.”