Does a Digital Client Portal Present at Your RIA Firm

Investment Adviser Compliance Services

In recent years, registered investment advisers (“RIA”) companies or firms have adopted digital tools in increasing numbers, and the COVID-19 outbreak only strengthened that trend. Market volatility and the difficulty of meeting in person were two challenges advisors and clients had to deal with during the pandemic. And a challenge to keep their clients’ information secure and safe online, advisors searched for ways to interact online. RIA firms should implement digital client portals, and this post discusses the benefits, also as a part of our investment adviser compliance services. As a RIA firm company becomes more operationally efficient and secure through client portals, it can also enlarge its client base while also improving client experience.

Because of this, advisors have been implementing client portals so that clients can communicate with their advisors remotely when they are unable to meet in person. And registered investment advisors can share insight with their clients through online portals and track their portfolio values or financial plans in real time. Further, many client portals can add value by integrating with advisor’s financial planning and portfolio management workflows to increase operating efficiency for the provider and deliver more valuable client reporting.

A client portal boosts client satisfaction, but how exactly does it do that?

By using client portals, advisors and clients can collaborate two-way by exchanging information, managing documents, and keeping them informed on how their investments are doing in relation to their goals. It will boost their sense of involvement in the investment process and increase their trust and transparency with their advisors by providing regular updates and allowing them to review details at their own pace.

In addition, clients are no longer required to contact their advisors for inquiries regarding their investment portfolio, thereby saving advisors considerable time. Rather than spending time back and forth via email or phone, advisors can focus on the actual improvement of outcomes.

Additionally, client portals can provide a centralized location for customer information, allowing them to browse tailored content once they are logged in. These might include financial trends, current industry news, or simply providing prospective clients with more information about the methodology they may not have known before.

Considering which features are most important to you and your RIA firm is an important step in choosing the client portal that is right for you. Is it important for you to quickly know about your account holdings and investment goals? Are there any other programs you currently use that might integrate with the client portal? It should be possible to communicate securely, use digital signatures, and store documents in the vault.

In addition to saving time, improving efficiency, and dramatically increasing client satisfaction, digital client portals help improve RIA firms’ efficiency and customer service, and this is as part of our investment adviser compliance services.

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