Why Every Financial Advisor Should Have a Client Portal On Their Website

If you envision yourself as a modern financial advisor, you need to stay on top of new trends. This not only gives you an edge over your competitors, but also allows you to keep up with your clients’ ever-changing demands.

According to a recent report by Refinitiv, 46% of the people they surveyed were not completely satisfied with their financial advisor’s digital offerings. Even worse is the fact that none of the people surveyed said they were ‘very satisfied’. It’s obvious from these stats that many financial advisors are dragging their feet when it comes to adopting and integrating new technologies into their practice. 

One of the most essential pieces of client-facing tech for financial advisors these days is the client portal. It gives your clients the ability to monitor their portfolio, easily share documents securely, and contact their assigned advisor directly with a click of a button, all in one place.

Here are a couple more reasons why you need a client portal, as well as the additional benefits it can deliver to your practice and your clients.

Everything is Online

People nowadays have very high expectations when it comes to their financial transactions. And it’s not surprising, since you can pretty much do anything online via an app nowadays from basic banking to very advanced day trading. Many have probably already tried robo-advisor platforms since they’ve become more and more mainstream. 

Your clients also expect to have all their data and information easily accessible at all times via the cloud. Having a client portal allows you to offer similar experiences that other platforms have been able to provide for years which your clients have all become accustomed to.

All of your clients will love the idea of being able to view their account and portfolio anytime they want. It not only makes things more transparent, but also gives them a sense of control and extra assurance that their finances are in safe hands. 

Makes Communication Easier

A client portal makes communicating with your clients much easier because all their information can be easily accessed with a single sign in and is available instantly. You don’t have to go digging around for different files and reports, or design a new dashboard everytime a client needs an update. 

You can easily walk clients through their portfolio and explain everything just by pointing them to a specific section of their personal dashboard. This lets you manage their expectations better, since you can easily provide all the necessary data all in one place. 

In most cases, they won’t even have to contact you if they just need an update because they can just log in to their account to check the current status of their portfolio. And all the updates are happening in real-time. Any additional information they might need, such as historical data, is also just one click away. 

Improved Security

You can never be too careful when it comes to client confidentiality. Even if you take all the necessary precautions, there’s always the threat of hackers gaining access to your local files or office intranet. You or one of your team members could also accidentally send someone another person’s financial data or confidential information.

With a client portal, you can address a lot of potential security issues because all your clients’ data is safely stored in a secure server. You can be sure that whoever your service provider is has taken steps to keep all their client data safe at all times, which includes keeping backups to prevent data loss and reduce downtime. 

On top of this, client portals can pull data directly from different accounts. Aside from being extremely convenient for both you and your client, it greatly reduces the chances of mistakes caused by manually copying files or data.

All of these benefits will also positively impact your branding. It gives people the impression that you’re striving to provide the best user experience possible. You can even include it in your marketing to show people how easy and convenient their financial planning journey can be.

At AltaStreet, we can incorporate lots of different features into your financial advisor website. To discuss all of your options, contact us directly through the contact form below.