The Importance of Client Reporting for Financial Advisors

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Client reporting portal for financial advisors



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.

 

Also, statements and other account details should be readily available on the client portal. Making the portal as self-service as possible will help your firm gain a competitive advantage.

 

Customizability

 

Expanding on the first point, building a client reporting portal as a financial advisor brings with it a level of customization. You can either go with a one size fits all product or find one you can build to fit your business needs. Depending on your firm's target audience, odds are they are going to request different services. 

 

To help ensure your business or firm is equipped, bringing as much in house as possible will save you time. It will also allow you and your firm to be proactive in providing the best value for your clients. Beyond that, you won’t need to rely as heavily on third-party vendors to help facilitate any updates or changes.

 

Data Aggregation

 

Lastly, from an internal perspective, having proper client reporting in place should allow for data aggregation. This allows you to have insight into your firm and book of business. You can begin extracting information such as portfolio returns, demographics, and other useful information.

 

When it comes to audits or regulatory compliance, you’ll have a level of consistency and procedure in place to help you breeze through various requests. You can build out reports and store them for future use, saving you time and money.

 

Building a proper client portal during this pandemic is critical. With the lack of in-person meetings, your clients will likely turn to a familiar reporting portal for basic information. If your firm is lagging in this area, you may want to implement new technology to keep your firm competitive.


If this is something your firm needs or wants to improve, head on over to ReportWa. Here you will find information and ways to make your reporting software more efficient. Also, you will find you have greater control over your design options. All of this combined aims to save your firm time and money, thus providing more value to your clients.

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