The credit crunch and downfall has helped us assist our advisors to become more efficient and find the time to do the things we've talked about - use technology, manage risk, set up meetings, quality time, touches, outreaches, etc. We refer to those activities as tiered services, and we are teaching the advisors to use the A to D client ranking system as everybody's not the same. Technology certainly helps clients feel they're getting the same level of touch, even though they're not.
We also spend a tremendous amount of time working with our compliance people and the regulators on what type of communication should be allowed. For example, a lot of our advisors want to communicate on Facebook, LinkedIn, and other social media. But there are many things you can't do because of rules and regulations.
FA: Stuart, if there were only one thing we were to include in this discussion, what pearl from you would it be?
DePina: My one thing? That technology has to enable advisors to support clients more efficiently and equitably. With regard to our portfolio rebalancing application, during the crisis advisors told us, "You solved this problem, which is great. I'm in a position now where I can support my client as I never could before. What else can you do for my back office?" That was our "ah-ha" moment that led us to begin focusing on integration several years ago.
The trend we're seeing now from our advisor clients is they are adding more components to our integrated technology suite, and reporting back increased customer service and ultimate profitability.
Before 2008, technology decisions were based on growing the number of assets under management. When the market is going up, this concept works great, and customers are happy. But now that the market isn't going up every day, you need to be able to provide service and solutions that improve overall customer service.
FA: Thanks everybody.
To read Part One, click here.