3 Reasons Why You Should Be Shifting to Client Portals

-

A modern RIA client portal is a secured website which allows your clients to access financial management tools and services, including but not limited to: their personal financial information, updates regarding their financial accounts, and their client information as it pertains to your work as their RIA. Client portals can also be used to share data with other professionals who are performing a service for the client, including attorneys and personal accountants. If you aren’t yet taking advantage of client portals, take a look at these 3 reasons why you should be making the shift to an RIA client portal as soon as possible.
 
#1: Client portals streamline client services in an easy-to-read location
 
Modern clients expect to be able to access their financial information and available services with the utmost convenience, and shifting to an RIA client portal is the best way to fulfill that expectation. Clients will be able to see overviews of their finances, such as their account holdings, as well as the available information regarding your services as their RIA.
 
#2: Updates to a client’s RIA client portal make your work easier
 
Client portals aren’t solely for clients to have easy access to their financial information; they can also be a way for you, their RIA, to receive immediate updates to their financial holdings and broader financial needs. For instance, if your client updates the portal with an essential document, you will receive a notification and be able to begin the process of integrating the new documentation into their financial holdings ASAP; this instant notification is much faster and more convenient for you as an RIA than dealing with hand-submitted documentation.
 
#3: Portals allow you to improve your one-on-one services and increase client satisfaction
 
Clients expect professional RIA services, and an integral part of modern RIA work is being able to handle client's needs as they arise. Portals are highly customizable, which means you can configure them to suit any need--including specific one-time portals for unique circumstances all the way to broader portals that your clients expect to work from in the long-term. In addition to being highly customizable, the nature of an RIA client portal means that you can easily access the portal at the same time as your client; this will allow you to address concerns, give advice, or otherwise discuss their financial needs without ever having to be in the same room.
 
Final Thoughts
 
The shift to client portals is widespread even beyond RIA circles. Their popularity will only continue to grow and more people become familiar with the benefits of this type of arrangement. If you haven’t yet started the shift to RIA client portals, don’t hesitate: take advantage of their many benefits as soon as possible for both your and your client’s sake.
 
For more details, visit us at www.reportwa.com. If at any point in your ReportWa journey you need help, just mail us at hello@hexaviewtech.com and we’ll get back to you within a few hours or In case you want to connect with me personally, lets connect on LinkedIn.





Comments

Post a Comment

Popular posts from this blog

How to Make Your Performance Reports More Enticing to RIA Clients

-
Image
In the most certain terms, performance reports are the most important service that RIAs can offer their clientele. RIA performance reporting is what separates RIA services from bots and algorithms that can be purchased for far less than a qualified RIA. It is therefore essential that RIA performance reporting manages to satisfy and entice clients into continuing to use RIA services. The following are 3 ways that you can make your performance reports more essential, beneficial and ultimately more enticing for your current clientele. Integrate financial progress into performance reports Performance reports should not be all about financial returns. Financial returns are short-term measurements that may be visually appealing when laid out precisely on a report page, but they are often next to useless for clients who are using RIA services to meet more specific financial needs. Your RIA performance reporting should contain clear information about the financial progress of the cli...
Read more

The Importance of Client Reporting for Financial Advisors

-
Image
  With 2020 completely being altered due to the pandemic, people are relying more now on technology. Financial advisors have navigated using tools such as Zoom and Docusign. However, it’s important to have technology in place ready to go, regardless if there’s a pandemic or not. Client reporting is critical from a customer service standpoint, as well as regulatory. Various notices must be disclosed at certain times. From a portfolio perspective, your clients likely want to view their holdings and performance whenever they want. Having all this information within a database is critical in remaining competitive.   Client Relationship   First, having a strong online presence can help build the client relationship. 30 years ago people would have to call or wait for their statement. Now, clients can simply wake up in the morning and log on, seeing their accounts. This gives your clients the peace of mind that their assets are secure, and they can monitor anything in real-time....
Read more

Portfolio Performance Report and Improving Your RIA Firm

-
Image
Smaller RIA firms are underutilizing reporting software. This could be a measure to save costs or simply maintain an old way of thinking. As your firm continues to grow and scale, you’ll need to look at implementing a portfolio performance reporting software that’s robust and can grow with you. Also, it needs to integrate well with existing software and limit the time needed to transition. There are several different areas within your business that will be impacted, and this article will dive into that. Know that as we continue to evolve with financial technology, so will your firm. Client Reporting This is one of the most important aspects of reporting that you’ll face. Your clients will require several different reports or maybe request a custom report. The reports can vary from account information, asset breakdowns, and purchase history. Having your client’s information be readily available can take time if you do it manually. However, by implementing ...
Read more