Josh miszk invisor investment management12/21/2023 Young or not, clients decide for themselves if they want the platform. “What they need is someone to guide them and show them things they don’t have strengths in.” Younger clients can benefit from mentoring, says Mahabir. “Computers will do a good job managing the money.” Clients call the shots “We are managing the client, not managing the money,” he says. He sees himself as a client mentor who understands the subtleties of emotions and family dynamics. That said, “Whomever clients are going to go to for products, we’re going to hold them accountable,” he says. While he’s aware of a client’s whole situation, he lets the supplier handle the investment analysis. That means analyzing and monitoring product suppliers. For example, his firm has a six-part value proposition that includes accountability. That doesn’t mean he’s off the hook when it comes to clients’ products. He says clients still need help creating a budget, reviewing an employment offer or structuring estates - issues that aren’t product-related. In particular, he says the robo-advisor is a good solution for smaller clients. He refers clients to Invisor CoPilot for investing. Tony Mahabir, CEO of Canfin Financial Group in Toronto, has had a similar experience. He can take more continuing education courses his unlicensed assistant now focuses on client experience. It also means more time for his practice. With investment management looked after, “we’re going to focus on the planning.” That means more time to consider the client’s taxes and retirement. Ideally, all clients will choose to use the platform, he says. When interviewed, Bornn had been transitioning clients to Wealthsimple for less than a month. Further, clients “book more meetings, because they want to learn more,” she says. “Clients seem more informed about their investments because they have checking their accounts,” says Richardson. And at meetings, “it’s very helpful to have in front of you to go over and explain.” In contrast, “Clients with paper statements bring them to meetings, but struggle to read them,” she says.Įasy-to-read statements combined with online access have increased engagement. (She receives no referral fee because she’s not securities-licensed clients pay for her services up front.) Both she and her clients appreciate the online statements and their visual presentation. For the last three years, she’s referred clients to Nest Wealth Pro Lite, typically when they want greater fee transparency or online convenience. Karen Richardson, a fee-only financial planner at Money Coaches Canada in Kenora, Ont., says online platforms are “a great tool” for client education. Clients typically pay 1% of AUM to Wealthsimple as Bornn’s referral fee, which covers his services. Before using Wealthsimple, Bornn’s firm offered nominee F-class mutual funds, so clients were already familiar with fee-for-service. “‘Did I make or lose money?’ That’s what clients want to know,” he adds. Living la vida roboĪdam Bornn, a financial advisor at Parallel Wealth in Surrey, B.C., outsources his clients’ portfolios to Wealthsimple for Advisors.Ĭlients say, “This is way better,” says Bornn. That’s because those advisors report better client engagement, less compliance work and more time to focus on planning. In fact, Accenture research finds 58% of Canadian investors say advisors provide the best customized advice, while only 6% think a robot could offer customized advice.įar from losing clients to robo-advisors, human advisors are introducing clients to them. Research also shows investors prefer advisors for nuanced or complex situations, like wealth transfer after a death, tax optimization, decumulation and philanthropy.
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