Before we get started
The views expressed in this presentation are those of the author and presenter and do not necessarily reflect those of Netwealth Investments Limited’s. It is general summary only and contains opinions on public available information and services. It’s not advice nor an endorsement of any product or service.
Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) and Netwealth Superannuation Services Pty Ltd (ABN 80 636 951 310), AFS Licence No. 528032, RSE Licence No. L0003483 as the trustee of the Netwealth Superannuation Master Fund, is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s products or services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information.
This document is for general use.
Two Advisable Australian segments represent a significant advice opportunity The Established Affluent opportunity Australian2.75mAverage60Total$4.32thouseholdwealthageEstablishedAffluents61%Currentlynotadvised19%considering The Emerging Affluent opportunity Total$1.50thouseholdwealth 2021 Advisable Australian Report Average33 Australian1.94mageEmerging Affluents 33%Currently60%notadvisedconsidering 17%31%52%40-49 yrs 50-59 yrs 60+ yrs ofcontrol26%60%wealth
% by HNW advice firms*
Must have or somewhat value the ability to do this online Established Affluents Emerging Affluents Track progress to my financial goals Track spending and budget Approve or sign financial documents Securely store/access documents Buy and sell investments View total household balance sheet Access performance on my investments 60%65% Chat/meet with my financial planner 75% Access financial education & tools 71% 53% 35%40%47%43%44% 9% 32%35% *with $750k or more in investable assets or $150k or more in personal income.
Offered
educatorBeing~70%an Technology is an important service factor when servicing Advisable Australians Of those Affluent Advisable Australians receiving advice, the following service aspects are very or somewhat important to them Digital & capabilitiestech Innovation~75% Client~80%experience&service Personalised~75%offer
3 in 5 increase spending on engagementclienttools Hybrid-commsPaperwars Data & CX Self-service Info overloadSocialmedia Data viz
• Founder & CEO of Absolute Engagement
8
• Julie Littlechild
Today’s speaker
• Julie helps help advisers efficiently capture real-time and on-going input from clients to drive profound engagement and significant growth.
Automation, Authenticity and the Future of Client Engagement Julie jlittlechild@absoluteengagement.comAbsoluteFounderLittlechild&CEOEngagement
Our Mission is to transform how advisers engage with prospects and clients. We help you capture - and use - direct input from prospects and clients to create a more modern, more connected, and more efficient way to engage and to grow.
ExpectationsPreferencesNeeds
ConcernsAspirationsFrustrations
12 1. What hasn’t changed 2. What has changed? 3. What does it all mean for you?
13 1. What hasn’t changed 2. What has changed? 3. What does it all mean for you?
Your clients are satisfied.
15
EngagementSatisfaction
LeadershipOfferServiceEngagementSatisfaction
Stronger loyalty Higher share of wallet Less concerned with marketshort-termvolatility Provide all referrals Return on Engagement: The Business
Perceive higher value relative to fees paid Feel more confident about their financial futures Return on Engagement: The Client
LeadershipOfferService andChallenges,NeedsExpectationsconcernsaspirations
21 1. What hasn’t changed 2. What has changed? 3. What does it all mean for you?
Yes, Client Expectations Have Changed.
In Person Meetings 39%53% 20222021“I prefer to meet in person” Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute
Meeting Preferences Q: Which of the following reflects how you prefer to hold meetings to review your plan or portfolio? 39%I prefer in-person meetings 15%I prefer virtual meetings (e.g., Zoom) 20%I prefer telephone meetings 22%I prefer a mix of in-person and virtual meetings 4%No preference Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute
Meeting Preferences Q: Which of the following reflects how you prefer to hold meetings to review your plan or portfolio? 15%I prefer virtual meetings (e.g., Zoom) Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute 57% 22%I prefer a mix of in-person and virtual meetings 24%35-4465-74
Your Clients Have Also Changed.
The Client Self-Confidence Index •Having a clear plan in place to reach my financial goals •Feeling in control of reaching my financial goals •Feeling confident in my ability to reach my financial goals •Feeling financially secure 100 Source: Absolute Engagement Client Self Confidence Index
of
32% 76% of
Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute
Self-Confidence and Satisfaction clients with high selfconfidence are very satisfied. clients with low selfconfidence are very satisfied.
Having a clear plan in place to reach my financial goals Feeling in control of reaching my financial goals 20222021 Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute
The things that are important to me have changed
I feel a higher level of personal stress
12% My
21%
19%
I find it harder to focus/concentrate
suffering 6% Source: 2022 Investor Research; Absolute Engagement and Investments & Wealth Institute
62% of clients report having been impacted negativelyfinancesbeyond
I worry more about my future or that of my family
I find it harder to make decisions physical health is of my personal relationships have become health is
24%
14%
14%
I think more about what would happen when I pass away
I think more about my financial future and if I’ll be ok
suffering 10% Some
strained 8% My financial
24%
Client Concerns Source: 2022 Investor Research; Absolute Engagement and Investments & WealthTheInstituteinternational political landscape 81% Keeping my personal data safe 74% Personal or family health 66% Ensuring my family is taken care of when I pass away 51% Ensuring my children make good financial decisions 49% Having enough money to retire comfortably 46% Having enough time to spend with my family 46% Managing personal or financial stress 45%
Your Clients Have Also …JustChanged…Not All in the Same Way.
Significantly lower • Net Promoter Score • Loyalty • TheSatisfactionJuggle Generation Clients Aged 45-54 • More concerned with: • Ensuring my family is taken care of when they pass away • Personal or family health • Managing personal or financial stress • Ensuring their children make good financial decisions • Having enough money to retire comfortably • Ability to retire when they had planned • Having enough time to spend with their family • More impacted by uncertainty of last two years • Higher negative stress
This Isn’t About COVID.
37 1. What hasn’t changed 2. What has changed? 3. What does it all mean for you?
#1
Gather formal input from clients.
• How are they feeling? • How are they coping? • What are they concerned about? • What are they interested in learning about? • What do they expect? • What do they need?
Change#2 Conversation.The
How Can Automation Support This Very Human Process?
This information is confidential
Communications.Change#3Your
How Can Automation Support This Very Human Process?
What are moreinterestedyouinlearningabout?
1. Gather input to understand how client expectations, needs, challenges and concerns have changed. 2. Use those insights to: • Co-create the agenda for your review meeting • Personalise the communications you share Your Action Plan
Thank Absoluteengagement.comjlittlechild@absoluteengagement.comyou!
More resources to help you on your AdviceTech journey
www.netwealth.com.au/advicetech
Disclaimer
The views expressed in this presentation are those of the author and presenter and do not necessarily reflect those of Netwealth Investments Limited’s. It is general summary only and contains opinions on public available information and services. It’s not advice nor an endorsement of any product or service.
This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information.
Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) and Netwealth Superannuation Services Pty Ltd (ABN 80 636 951 310), AFS Licence No. 528032, RSE Licence No. L0003483 as the trustee of the Netwealth Superannuation Master Fund, is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s products or services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
This document is for general use.