Three Keys to Building a Digital RIA ExperienceOctober 23, 2019

by Mark TrousdaleAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarilyrepresent those of Advisor Perspectives

When it comes to digital strategy in the wealth management industry, return on investment is totallydependent on how often clients keep coming back to a RIA’s client portal.

The best predictor of a return visit? Delivering a great digital experience – consistently.

A firm’s digital platform needs to be highly available for clients. For example, can they view theirportal on the go? Mobile-friendly online portals and apps have revolutionized availability and made iteasier for clients to engage with these platforms as frequently as they choose.

But mobility is table stakes. The real differentiator is how to make portals “sticky” – how can firms build a digital experiencethat engages clients so that they keep coming back?

There are three key characteristics that all websites, portals and apps need to have in order to create the highest return foradvisors and their clients. These characteristics ensure the stickiest digital experience and maximize the value of a firm’sdigital strategy.

The digital experience needs to be — Intuitive

A website or a client portal shouldn’t require a manual. An iPhone doesn’t come with one, and clients shouldn’t need one tointeract with their portfolio. Have you ever seen a toddler pick up a smart phone for the first time? They master the basicsof the touch screen instantly because smartphones are built to enhance our innate ability to interact with technology. Thedigital experience on firms’ platforms should follow the same concept.

Availability goes beyond being able to log in to accounts and portals on the go. It means the account or portal is intuitivelynavigable; information and answers to basic questions must be easy to find and understand. Failing to provide an intuitivedigital platform leaves clients frustrated and dejected and negatively affects future interactions between the client andadvisor. No one wants a bad experience.

An intuitive digital platform is often missed because firms who invest in an appealing user interface stop short of optimizingthe full user experience. But to be the main source of information and communication for their clients, an intuitive userexperience must be prioritized.

The digital experience needs to be — Involved

Without timely, relevant content, an exceptional user experience is unattainable. By curating useful information for clients,firms can create a high-touch platform where clients visit for more than just information regarding their relationship with thefirm. These digital platforms act as clients’ main news source and their trusted advisor on all topics related to their financialhealth.

To achieve that, firms must regularly populate their platforms with up-to-date news, guidance and thought leadershipspanning a wide variety of topics relevant to the client. The more relevant the content is, the more it appears involved andengaged with matters that might affect the client.

There are further benefits to ensuring content is involved and current. It helps firms guide what information their clients areconsuming, which is an important factor when trying to calm panic or excitement over certain news.

Guidance and reassurance can be achieved without a financial advisor needing to be constantly available. The moretailored content is to the individual client, the more frequently they will engage with the platform. That leads to the third andfinal characteristic of a sticky digital platform.

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The digital experience needs to be — Individual

No two clients are the same, so why would the digital experience be the same for all clients? By personalizing content tothe individual, wealth managers significantly raise the chances of repeat visits and therefore use of their services. But thisis not the only way that an individual digital experience directly affects returns. This feature could also be the differencebetween a client referral and missing out on new introductions.

The platform for each client needs to be flexible, and this flexibility must be sustainable. Giving different people access todifferent areas of a website based on their login credentials may seem like a luxury, but when clients can customize theirinteractions with a website it can save advisors time as well, allowing them to focus on growing the business and caring forclients.

An individual experience for each client also enhances a firm’s brand perception – with personalized client communicationand client reporting. Crucially, this ensures that clients feel more in control of their assets, as they can see the link betweenthe advice the wealth manager gives and their investments, promoting a level of transparency that will be integral for futurecompliance and regulation.

These three characteristics – intuitive, involved, individual – are the user-centric components that will move your RIA’swebsite to something truly differentiated and demanding of a repeat visit.

Mark Trousdale is the chief growth officer of InvestCloud, a leading provider of flexible and fully integrated digital appletsfor financial services.

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