2. Enter additional value.
Although most young Americans would prefer a different fee structure, collecting a percentage of assets under management is still the most common way that advisors make money. To increase your value as a paid consultant, you can offer additional benefits through a financial wellness program.
Younger customers in particular can benefit from learning more about finance. And they prefer digital interaction, which makes an online financial wellness platform an attractive option for adding value to young customers.
A strong financial wellness program will include content based on artificial intelligence. The more a client interacts with the platform, the more the platform learns what the client might want to see. This increases engagement, which results in better educated and happier customers.
This also means that the platform can appeal to a wide variety of customers. Financial wellness topics range from credit card debt to managing retirement assets. Let the program do the work to figure out what is most important to each customer.
4. Platform reporting.
Using a financial wellness software program with detailed reports can provide valuable insight into the information your customers are consuming.
Comprehensive coverage tells you a lot about your customers, including financial goals, types of debt, risk tolerance, and types of insurance they hold. Some financial wellness programs also have a financial behavior assessment that can give you insight into why customers have certain financial habits.
Knowing your customers better gives you more opportunities for personal advice and calls to action.
5. Brand awareness.
Choose a financial wellness platform with white label options so that you can incorporate your brand into the software. The more your logo and consultant headshots are placed in front of your customers, the more present you are in the minds of your customers. This is useful when they need additional services or are asked for recommendations.
In the age of the internet, the benefits of content marketing cannot be overstated. Financial wellness programs offer counselors a wealth of content to attract clients.
Partnering with a financial wellness platform can help get your name and content out to more people and attract more leads and accounts. According to DemandMetric82% of consumers feel more confident about a business after reading custom content. And trust is the name of the financial game.
Kris Alban is executive vice president of iGrad, a San Diego-based financial technology company that provides financial wellness solutions with artificial intelligence to employers, financial institutions, and universities. It is Enrich the financial wellness platform is used by more than 20,000 employers and more than 300 financial institutions.