It's a scene you know well: the first meeting with a prospective client. You know that the prospect will likely consider 10 other advisors this week before deciding which one will provide the best service for their 401(k) plan. Now is the time to "wow" them. How are you going to do it? A PowerPoint presentation? A glossy binder?
This is 2012-it's time to use a tablet.
Many advisors acknowledge tablet devices' portability and convenience. A Byallaccounts survey of more than 250 advisors found that 59.3% of them were using the iPad in client meetings, and 48.9% said the iPad helps them be more responsive.
If you're not using a tablet, you'll soon find yourself in the minority. Forrester Research predicts that by 2015, tablet sales will equal that of laptops. And note that early adopters of tablets have advanced education and higher-than-average income-$120,000 annually-which make them desirable customers, Forrester says. Advisors not using tablets will miss an opportunity to demonstrate innovation and a forward-looking approach to technology and communications.
Even at this early stage of development, a dizzying array of apps are available to advisors in the app store itself or as part of an enterprise app store. So what makes a killer app? Consider the following criteria:
1. Does the app deliver timely and relevant content and functionality? This seems like an obvious point, but some apps are little more than glorified brochureware. For example, one of the large FSIs I work with decided to make an app out of its four-step investing process. Needless to say, the app didn't get a lot of downloads. But what if the app had connected to the next step of the sales process, allowing the general investing story to evolve into facilitated dialogues with clients about specific investment choices based on their situations? Further, what if the app had enabled the advisor to follow up with communications that relate to those discussions, helping to close deals?
These are the kinds of apps that are of greatest value. While telling the story from a presentation perspective is important, the beauty (and value) of these devices is that they can immediately move the advisor and client into the next step of the decision-making process.
2. Does the app make it easier to do something you already did, in a setting that's more comfortable for you? "Time is money"-a cliché, but true. If an app can save you either, it's likely a good one, and this helps you evaluate the basic functionality of the app.
Interactions with tablet devices typically occur in nonoffice settings (the train, industry events, a client's home) or in a "casual computing" setting (for instance, browsing or app usage while watching TV). Apps that recognize and capitalize on this behavior by helping you multitask or capture information "in the moment" or at your convenience can help you increase productivity.
The most obvious examples of this are apps that allow you to do away with endless reams of paper in favor of reviewing the latest research and commentary on your tablet. At a recent industry event that I attended, one of the apps being used allowed advisors to immediately capture contact information for participants with whom they were interested in following up. This information was then fed directly into their CRMs, greatly reducing the amount of time they (or someone at their office) would spend transcribing the information. Moreover, advisors were able to capture notes related to those interactions in the moment, making the information more germane and, ultimately, more actionable.