Improving the client experience is central to building and maintaining lasting relationships with the investors you serve. Offering a user-friendly client portal is one of the most effective ways to achieve that goal. A well-designed portal enables collaboration and communication, while encouraging clients to become more fully engaged with you and their financial plans.

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What Is a Client Portal for Financial Advisors?

A financial advisor client portal is a secure, online platform that allows clients to view their financial information, access financial resources or tools and communicate with their advisors. Client portals centralize information in one place, making it easier for clients to track their financial plans.

Portals allow advisors to:

Streamline the onboarding process and share documents or large files electronically.
Share data and information that’s most relevant and important to each client, resulting in more productive and effective financial planning conversations.
Engage with clients in real time when they have questions or concerns, and schedule automated messaging to stay connected.
Offer portability to clients when the portal is accessible both online and through a robust mobile app.
Give clients access to financial planning tools and resources to encourage them to be more hands-on with directing their goals.
Track client activity within the portal to better understand which features they’re using most often.
Create customizable presentations that speak to the needs, concerns and interests of individual clients.

Every client portal is equipped with different capabilities, features and tools. But regardless of features or functionality, they’re all designed to help you and your clients forge a collaborative, more engaged relationship.

How to Use a Client Portal to Grow Your Advisory Business

Implementing a client portal is a big step, and it’s important to understand how to use it to its full potential. With that in mind, here are some strategies for making the most of a client portal.

1. Show, Don’t Tell

Client portals work best when clients understand how to access and use them, and what they’re designed to do for them. Offering a tutorial is an opportunity to demonstrate some of the portal’s features and how to access it online or via a mobile device.

You can do this in person when meeting with clients and prospects, or record an online seminar to share. A webinar allows clients to view the tutorial when it’s convenient, and gives them something they can refer back to when using the portal.

2. Be Prepared for Objections

While some clients may be all too willing to embrace an online portal, others may not. It’s important to anticipate any questions or objections a client may have so that you can offer clear, transparent answers.

Client concerns may include:

Accessibility and navigation
Security and privacy of their financial and personal data
Which assets they’ll be able to view (for example, will they be able to add assets held away to their financial snapshot?)
Communication through the portal

If you’re going the online seminar route, you can add a Q&A section at the end covering the questions clients are most likely to raise.

3. Ease Clients In

One of the simplest ways to acclimate clients to their portal is to give them a gentle nudge to use it. For example, you might ask them to log in to verify that their personal information is correct or send an automated message through the portal requesting a signature on a document.

These methods take the pressure off, and encourage the client to get into the portal and start exploring it for themselves. You can keep clients coming back to the portal by using it to send secure communications or notifications, so they have a reason to log in.

4. Respond Promptly

If a client asks a question or sends a message through the portal, it’s important to offer a timely response. Otherwise, they may get the impression that the portal isn’t the best way to stay in touch with you and feel less enthusiastic about using it.

Again, automation can help. You can set up automated messages to go out when you receive a message from the client. They might look something like this:

Thanks for reaching out. I’ve received your message, and I’ll get back to you within 24 hours. For urgent questions or concerns, you can reach me via email at [your email] or by phone at [your number].

Simply acknowledging the message can reassure clients that you’re monitoring communications through the portal. You can then build trust by following up well within the time frame specified in the message.

5. Add Value

Clients are more likely to remain loyal when they feel good about the value they’re getting. You can add value to a client portal by offering tools or resources that speak to their needs.

For example, if your portal is equipped to do so, you might create a presentation or slideshow focused on a topic that’s specific to your client base. Or if you’re using lead magnets to grow your email newsletter subscriber list, you might upload those resources to the portal where they’re easily accessible.

The more value you can add, the more reasons your clients will have to log in to their portal.

Choosing a Client Portal for Financial Advisors

A financial advisor monitoring their email portal.

There are numerous client portal options available, and it’s important to choose the right one for your business. Here are some things to consider as you compare different platforms.

Features. Look at the features offered and how likely they are to appeal to your client base. For example, if a platform offers interactive calculators, is that something your clients might be interested in using?
Functionality. A good client portal should be user-friendly and easy to navigate online, with a minimal learning curve for its users. The portal should also have a mobile component so that clients can log in on the go.
Cost. What will a client portal cost to implement and maintain? For instance, will you pay a one-time fee or a subscription fee? It’s important to evaluate the costs against your expected return on investment.
Support. Just as your clients rely on you for support, you may need help setting up and maintaining our client portal. Consider what type of support is available initially and ongoing.

Reading reviews of client portal programs can help you narrow down which ones may be worth further investigation.

Frequently Asked Questions (FAQs)

What Is a Financial Portal?

A financial portal or client portal is an online platform that allows users to view financial information in one place. Advisors can use financial portals to offer clients a comprehensive view of their finances.

Do Advisors Need to Offer a Client Portal?

No rule requires advisors to offer a client portal, but there are numerous reasons to consider doing so. Client portals can allow for streamlined communication and increase engagement while giving clients convenient access to their financial details.

What’s the Best Client Portal for Financial Advisors?

The best client portal for advisors is one that delivers the features and functionality that you’re looking for, at a price that fits your budget. As you compare client portal platforms, look for ones that allow you to complete a demo or tour, so you understand what you’re getting before you commit.

Bottom Line

A financial advisor reviews their firm's client portal.

Client portals are valuable tools for advisors who want to build deeper connections. If you’re not using a client portal yet, it may be time to consider how doing so could fuel your business’s success.

Tips for Growing an Advisory Business

Having a digital footprint is key to standing out in a competitive landscape. Social media, a professional website and digital ads are just some of the ways you can expand your reach and connect with your ideal clients. You may also consider partnering with an advisor marketing platform to improve your visibility. SmartAsset AMP uses a holistic approach to help growth-minded advisors reach their goals, while saving valuable time. Schedule a demo to learn how you can leverage it to generate more leads.
When comparing client portals, consider how well they will integrate with the existing elements of your tech stack. For example, you may want to integrate it with your customer relationship management software, portfolio management or compliance software. The more easily you can integrate your portal, the less room there is for a data disconnect across programs.

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