All Hype, No Help: Client Onboarding Tools Disappoint

Canadian advisors face a tech challenge, reveals the 2024 Investment Executive Brokerage Report Card. While advisors recognize the value of technology for onboarding new clients, managing relationships, and staying compliant, outdated tools and communication gaps within their firms are holding them back.

Here are some key takeaways from the report:

Streamlining Client Onboarding: A Better Experience for All

A smooth onboarding process sets the stage for a successful client-advisor relationship. Here’s how technology can help:

  • User-friendly Platforms: Many advisors find existing onboarding tools clunky and time-consuming. Advisors need intuitive interfaces that make onboarding faster and easier for everyone.
  • Digital Solutions: Ditch the paper chase and break down data barriers. Electronic document collection and e-signatures can streamline the process and eliminate unnecessary paperwork.
  • Collaboration is Key: Firms should involve advisors in choosing new tools. This ensures the technology addresses real-world problems.

Technology: The Secret Weapon for Stronger Client Relationships

Beyond onboarding, technology is vital for building long-term client relationships:

  • Integrated Systems: Advisors need comprehensive tools for communication, portfolio management, and client data management. Investing in integrated systems that seamlessly work together saves time and improves efficiency.
  • Easy to Use, Easy to Learn: Complex interfaces and lack of training make adoption difficult. User-friendly tools and comprehensive training empower advisors to leverage technology effectively.

Communication is Key: Getting Advisors on Board with New Tech

Clear communication is essential for successful technology adoption:

  • Transparency and Feedback: Firms need to be transparent about new technology and actively seek feedback from advisors. Regular surveys and open communication channels help address concerns.
  • Improved Messaging: Advisors often cite poor message quality and lack of transparency as communication issues. Firms can improve by providing frequent, organized updates and clear explanations about new technology implementations.

The report exposes a critical gap- complicated onboarding tech is dragging down user satisfaction, with some brokerages scoring as low as 6.7/10. This is a major opportunity for improvement.

Four Eyes offers a user-friendly onboarding solution that transforms the experience. Brokerages using Four Eyes consistently rank among the highest in satisfaction, boasting a remarkable 9.7- a transformation that can significantly impact your business.

Here’s how our technology helps achieve industry-leading satisfaction:

  • Same Day Account Funding: Fund accounts in 45 minutes or less, saving time for advisors & clients.
  • Simple Client Communication: All documents are consolidated to one package, eliminating multiple e-signature requests.
  • Quick Transition of New Advisors: Seamlessly transition an advisors’ book of business in days vs. weeks.
  • Elimination of Duplicate Data: Enter information once, and watch as it automatically populates across all forms.
  • Streamlined Reviews: Save time with a consolidated view of the client onboarding package.

Four Eyes equips you with a powerful technology advantage. By leveraging a smooth, efficient onboarding process, you can differentiate your firm and achieve industry-leading satisfaction.

Ready to score a 9.7? Book a demo of the Four Eyes onboarding solution, 4ms, and see the difference.