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What does goal-based planning bring to the wealth manager, adviser and, most importantly, the client?
Gearing advice to specific financial goals is a powerful way to demonstrate added value and increase client engagement. But this requires careful thought around advice monitoring, efficiency and, of course, compliance, says , MD of Ortec Finance
The current uncertainty around the global
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economy highlights the need for frequently updated plans and goal-based strategies. Advisers are increasingly seeing that clients want to talk about their dreams and individual goals: “Will I be able to retire comfortably by my 60s as I have planned? And can I buy that vacation home within 10 years?” The practice of providing a static plan and generic questionnaire to help clients reach their financial objectives based on past performance only is outdated. Advisers need a better toolkit for long-term
wealth planning, which can dynamically adjust itself according to ongoing changes in the macroeconomic and market environment, while continuing to deliver benefits. Areas like better client engagement, linking individual client goals to actual products, monitoring these goals and generating alerts when clients are off-track for achieving them, are becoming more important in a world providing real-time information. Instead of reporting to the client on how well or poorly
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the portfolio performed relative to a benchmark, the adviser can have conversations with clients about their personal goals. As clients demand more value for the fees that wealth managers charge, being able to monitor client goals and signal timely ‘course corrections’ is the ultimate means to show the added value as an adviser.
The technology is there, why wait? The technology is available to empower your advisers to deliver added value and to improve the investment decision-making of your entire client base – all while reaping the rewards of immaculate compliance and greater operational efficiency, too. This conversion from time-consuming financial planning for only niche clients, towards time- and cost-efficient goal-based (financial) planning and monitoring for 100% of your clients is a much- needed transformation for the wealth manager, adviser and, most importantly, the client.
About Ortec Finance and OPAL Ortec Finance is a leading provider of technology and solutions for risk and return management, helping institutional and private investors to manage complex investment decisions. OPAL is a software solution that facilitates goal-based planning and monitoring of goals by leveraging a world-class institutional scenario engine. The global client base comprises leaders in the pensions, insurance, asset management and private wealth management markets. OPAL is delivered directly to banks, wealth managers and insurance companies and also via partnerships with leading software providers like Salesforce and Wealth Dynamix.
For more information, simply visit
www.ortecfinance.com/OPAL
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