A Canadian fintech has launched a tool that is designed to give advisors a deeper understanding of the fears and priorities of their clients and prospective clients.
The Absolute Engagement Engine gathers pertinent information from clients whenever they have an interaction with their advisor.
While many advisors question clients prior to a meeting, the engine is designed to delve deeper into clients' feelings and priorities, according to Absolute Engagement, the Toronto-based fintech firm that created it. The system uses the information to generate client documents, including an agenda highlighting the topics that are most pressing to a client.
“The idea is really capturing contextual relevant information at exactly the right time and integrating that into the workflow so that discussions can take action,” said Julie Littlechild, founder and CEO of the company and a co-designer of the tool. “It makes preparing for meetings a lot faster because its automatically generating an agenda [so advisors and clients] don’t need to spend half of the meeting teasing out what’s on the mind of these individuals.”
The system, which will pose questions to both spouses if the clients are a couple, keeps an ongoing record of clients' answers, according to Littlechild.
“When you can really tap into what’s on the mind of clients and how they’re feeling that gets us one step closer to authentic engagement,” she said. “All those feelings and needs are really fluid and they’re different within a couple and they change over time.”
The tool is currently available for investment advisors and broker-dealers at a for a monthly subscription fee that ranges from $50 to $175 per month per advisor user, according to the firm.