3. Does the app enhance client relationships and drive business? Studies have shown that client satisfaction increases based on frequency and relevance of communications. Well more than half of every demographic (Gen Y, Gen X and Boomers) is interested in having online tools available to them when considering their benefits options, according to MetLife's 10th Annual Study of Employee Benefits Trends. A good app should facilitate this communication and be a conduit to organic upsell and cross-sell opportunities.
If an app includes financial planning functionality-whether broad portfolio modeling or specific retirement or plan modeling-the app should be sophisticated enough for you to develop viable scenarios yet simple enough to help you facilitate a conversation with your client. Unlike laptop and desktop PCs, tablets (with their wide viewing angle and multitouch navigation) are perfect for "across the table" communications-several people can easily view and navigate through the same content at the same time. Features, functionality and content should encourage discussions about related topics, either by linking to relevant follow-up information or (even better) by linking to other apps that will allow you to have a discussion about these topics.
Successful apps will support this sort of cross-linking in such a way that they create an app "ecosystem" that lets advisors address a range of client concerns without creating an overwhelming experience. There is a real opportunity to provide apps to both organizational decision-makers and end participants and to drive conversations with C-level executives about plan enrollment, investments, and use of features, functionality and services.
4. Does the app draw on the native features of the device? There are many options for developing an app, but the best apps draw on the native interface features and interaction conventions unique to touchscreen devices. This gets back to point No. 3-creating a seamless app ecosystem. Good apps will draw on design best practices for tablet devices. Content and functionality should be accessible in portrait or landscape, and key features that are not dependent on timely data should be available on- or offline so advisors don't need to be concerned with whether they have a wireless connection.
Further, when using an app as part of a facilitated discussion, the app should allow you to adjust key data points on the fly, so you can quickly run through different scenarios with the client, manipulating the data or inputs without cumbersome retabulation. This lets the advisor respond immediately to a client's concerns and develop recommendations that can be acted on right after the conversation.
5. Is the firm that created it committed to it? In the old days, users would get upset when their favorite websites changed the interface or navigation. But with apps, users actually welcome and expect evolution. The best apps start by doing one thing very well and evolve based on advisor feedback. Your specific and concrete response-whether as part of the organization you belong to or as part of the app-store comment loop-will enable providers to constantly improve and to develop apps that will better serve your needs and those of your clients.
Ultimately, the best apps are the ones that get used. You have the power to influence and shape how they evolve by engaging in the dialogue. Comment, rate and (if necessary) berate. Advisor engagement and usage will quickly drive the enhancement process.
Apps fulfilling these criteria exist, and while it can be a headache sifting through the multitude of options available to find the best ones, the effort will pay off. Tablet devices have the potential to transform the way advisors do business. The best advisors will use them as a way to enrich relationships and stand out from the crowd.
Heather McKim is senior vice president, strategy & interactive, for HNW Inc. She plays a lead role in strategic consulting engagements, developing brand identity and positioning, understanding the competitive landscape, creating product and communications launch strategies, and writing strategic and tactical marketing plans. Clients include Merrill Lynch, Schwab Institutional, Morgan Stanley and Sotheby's. Heather also oversees HNW's Interactive division, helping clients develop and optimize their Web presences. Prior to HNW, Heather worked in Lehman Brothers' venture capital division.