A Financial Plan That is Like A Brand New Car

If you have ever purchased a new car, you can relate to the feeling you have when you first get inside.  The amazing new car smell, the touch of the steering wheel, and the sound of the engine when it’s first started all add up to a feeling of satisfaction and pleasure. The best part of owning a new car is that this experience can be repeated indefinitely…of course the new car smell may rub off, but the feeling of satisfaction remains every time you take the car out for a spin.

Part of working successfully in the financial services industry includes providing a satisfying experience for clients. Presenting a plan and supporting products specific to a client’s situation may take many hours of prep and presentation. When clients sign the paperwork to put their plan into action, they often experience a feeling of satisfaction similar to purchasing a new car.

However, the trouble with financial services plans and products is that they are intangible and less immediate, so it’s more challenging to keep clients emotionally connected to something they can’t see or feel. After that first paperwork signing, it’s difficult for them to feel that satisfaction again and again. In today’s technology-driven society, it’s helpful to have some tools that keep clients connected and involved as much as they were on the day they put their plan into action. CFS/SPF have heavily invested in technology enhancements that allow a financial advisor to present a more tangible experience for clients interested in staying connected to more than just a monthly statement. Our new MyPortfolioView (MPV) Client Portal offers clients a sophisticated approach to review how their investments are performing over time and how they are progressing towards their individual plans. It makes it easier to renew that feeling of satisfaction any time they want.

This new MPV platform displays information based on what a client wants to see, rather than a static, one size-fits-all dashboard that offers very little in useful information. MPV offers a fresh new screen that feels more like a social media page and is easy to navigate. It distills complex investment portfolio information into an at-a-glance format, anticipating client questions through beautifully-rendered charts and advanced filtering. Plus, it keeps the financial advisor highly accessible, enabling clients to simply click to email, call or learn about their practices.

For clients, the MPV Client Portal creates a more tangible and emotional connection to their financial plan, their investment advisor, and their banking institution through more than just a generic monthly statement. Financial planning for a new home, education costs, retirement, etc. does not happen in one sitting and MPV provides constant, tangible reinforcement when dealing with less tangible concepts like financial plans and investment products. Just like turning the key and revving the engine in new car, MPV helps clients experience the satisfaction of tracking their financial plan over and over again.

Incorporating tools like the MPV Client Portal into a financial advisor’s routine can pay dividends. I have seen several examples from advisors that leveraged MPV to help win new business such as one advisor who shared a demonstration of the platform with a prospective client looking to invest over $750k.  The prospect was so impressed with the technology and transparency during the presentation he stated, “This is exactly what we are looking for in a relationship with a financial advisor.” Another example is of a client who was so excited about the information available on the platform they decided they could stop receiving their monthly statements. I’ve also had several financial advisors tell me how powerful this tool is when using it consistently during client meetings and annual reviews to visually show clients the performance of their investments.

Don’t get left behind, and don’t let your clients lose the excitement of tracking their financial plan. I encourage you to use the available technology tools to keep your clients emotionally engaged with your business. You’ll be glad you did.