Although wealth management involves solving complex financial matters, at its core it’s a people business. The “Client Experience” is just as important as the investment returns we generate and the financial advice we give throughout the year. Growing firms such as Lighthouse Financial Services, Inc. use technology to gain efficiency in daily operations by automating time intensive complex functions (daily downloads and reconciliations, trading and trade audits, performance reporting and accounting, billing, etc.). The efficiencies that we gain through technology frees up our team’s time so that we can more acutely focus on improving the “Client Experience.” Technology also allows our team of in-house experts to leverage their expertise in portfolio management, wealth planning, and tax planning matters. Our team can now focus time and energy on the client and their individual circumstances. Furthermore, we don’t just use technology for our own benefit; we leverage it for our clients by providing them with a secure web portal that consolidates all of their important documents in a digital format that can be easily accessed.
Our clients now have their tax returns, trust and wills, insurance policies, performance reports, and statements at the tip of their fingers from anywhere in the world. We have also recently launched an enhanced communication section within the web portal that allows clients to securely communicate directly with any team member in the firm. Our clients can transfer documents within the web portal and the receiving team member gets promptly notified. Clients love the fact that they can securely communicate with our team within the digital world.
Wealth planning is a holistic approach. When done correctly, it means that as wealth advisors we often provide clients with recommendations on financial matters that we don’t directly manage. By using technology, our clients can now upload banking, real estate, and employer retirement plans into a centralized location that allows us to review and advise clients faster and more accurately. In the end, implementing new technology is both a win-win for the firm and the client.