A day in the life

Paige Moult
Product Manager
December 7, 2020

The article is titled ‘A day in the life’ because it sounds better — but it’s really ‘A morning in the life’. Anyways, you get the gist. Keep reading to see a glimpse of our visionary future in action.

8:00 am: You make a cup of coffee and sit at your at-home desk (because we’re all still working remotely — thanks 2020).

8:01 am: You open your calendar and see that you have three Zoom meetings today.

8:05 am: You receive a push notification to your phone that one of your client's has requested a withdrawal for the purchase of a cottage.

8:06am: You pull up your client's profile and you check the below information (that's all in the same place!):

  • existing holdings and recent transactions
  • goals & financial plan
  • any recent large transactions outside of their accounts with you (you have access to this through financial data connectivity)
  • realized gains and losses

8:07am: You know that your client has been in the market for a cottage and you quickly confirm with their goals that this is within their plan.

8:10 am: You approve the withdrawal. While approving, you simply type a message to send to your client: “Congrats on finding the perfect cottage! You should receive your funds in 3 business days. Chat soon.” Your client receives the text and is happy and relieved to know that their funds are on their way.

8:11 am: Your client’s plan is updated, and the interaction is added to your CRM — both automatically.

In that interaction — you’ve not only received an immediate notification of your client’s request, but you’ve acted on it and let the client know while approving the transaction. You’ve also reached out personally (and very easily) to let them know when they should expect their withdrawal. The task that your client was looking to accomplish took them a matter of seconds, and once you approved the withdrawal, your client’s plan and CRM were updated automatically — taking you little to no time as well.

8:15 am: You prepare for a meeting with a financial planning client of yours at 9:00 am. This client currently does not have their investments with you, but they are already on the Purpose Advisor Solutions platform through the financial planning side.

9:00 am: You and your client hop on Zoom. You review the client’s current plan — and you provide them recommendations based on their recent spending patterns, their change in income (you know they changed jobs recently due to their salary income increase), and their outstanding mortgages. You have this information at your fingertips through financial data connectivity, which will allow you to view their bank and investment accounts (of course only if they authorize you to do so, but why wouldn’t they once they see the value it provides!).

9:30 am: Your client’s plan has been updated, and you now discuss their current investments and where they are held. Your client expresses that they are unhappy with the lack of transparency at their current institution, and you discuss their options. Your client then agrees that they would like to consolidate their investments with their financial plan for a holistic view, and you begin to show them what this would look like. Your client loves the idea that everything will be in one place, they can continue working with you, and the transparency of it all.

9:40 am: Your client logs in on the financial planning side — and the information that exists there then populates onto the investment side (think of client personal details, goals, savings, or income required). Your client also links their current bank and investment accounts to begin the account opening and transfer process.

9:45 am: You and your client walk through the risk survey, and the client is placed in an appropriate portfolio.

9:55 am: You let your client know that you will reach out once their assets have landed. You say goodbye and chat soon. Your meeting has now been added to your CRM software.

In this meeting, you were able to focus on value-add activities — using the client’s data to make smart decisions to reflect in their financial plan, describing the benefits of having your financial plan and investments linked, and providing a transparent platform for your client to access their accounts. You spent very little time on administrative tasks such as inputting your client’s data, signing paperwork, and so on.

10:30 am: The markets have been a little bumpy lately, and you check to see how your clients are behaving. You pull up a list of the number of client logins over the past three weeks and a report that shows trends in deposits and withdrawals. You see that 12 of your clients have logged in an abnormally high number of times and that 2 clients have withdrawn more than usual. You craft some messages to send off to your clients and hit send.

10:35 am: You then call 3 of those clients to check-in (they tend to be more sensitive to market movements and would appreciate a call).

12:00 pm: And that brings you to lunch.

The accessibility of data to drive the insights needed to help your clients will only strengthen your relationship with them. And then being able to communicate with them effectively and simply makes everyone happy.

This is how we envision our future — as a meeting place for advisors and their clients, where they can choose from a suite of tools and services that empower their relationships.

We — and the industry — have a long way to go, but we are more excited than ever to be on this journey.

Contact us to learn more.