Moneyinfo: Mobile engagement higher than desktop usage

Advisers are moving away from “insecure email and fragmented data systems” as high-net-worth clients demand branded apps, biometric log-ins, and document automation, according to Moneyinfo managing director Tessa Lee.

Speaking to Professional Adviser following the firm’s new partnership with wealth manager James Hambro & Partners announced yesterday (27 October), Lee said the shift reflects a new reality in client expectations, which is that paper communications are “no longer acceptable”.

“Clients want to feel the values represented by their wealth management or financial planning firm, not like they’re in an automated process,” Lee said.

Firms want control over client experience

Wealth firms are focused on maintaining a single branded user experience, Lee said.

“There is a move towards single branded apps. Large platforms can’t deliver the same level of configuration and bespoke feel,” she told PA.

She added that mobile engagement now far exceeds desktop usage.

“You have to be mobile and tablet first. There is four times more engagement via apps than desktop logins,” Lee said.

She also said that high-net-worth clients are not resisting digital service, they are demanding more of it. “The idea that older clients don’t use technology is false, we’re seeing good engagement across all demographics.”

Moreover, Lee said peace of mind is what financial planning and wealth management is about for clients.

“Wealth management firms produce a huge amount of documentation. Technology should remove the admin so advisers can focus on the human aspects of wealth management.”

Moneyinfo works with DFMs, private wealth firms and adviser businesses. Lee pointed to the James Hambro & Partners partnership as “a blueprint for future partnerships”.

“We aim to deliver results within three to six months,” she said.

James Hambro & Partners selected Moneyinfo’s digital relationship management technology to deliver a branded portal and mobile app for its HNW clients.

“They wanted to work with a business that was honest and transparent, and that’s what we are,” Lee said. “The best outcomes happen when you’ve got the right people working together.”

Earlier this year, Lee shared how she believes advisers will embrace digital tools and artificial intelligence to build lasting relationships, not just with current clients, but with their heirs too.

“Let’s be honest: younger generations don’t engage with financial services the way their parents do. They expect instant access, seamless digital experiences, and personalised service – think Starling Bank. Monzo, and Revolut,” she said.

Source: PA