Inspiring clients to embrace technology - Callahan

Submitted by Dan.Benson on March 11, 2020

We use technology from like the onboarding process all the way to the portfolio review side of the firm. We spent a lot of time educating our clients on new technologies. We actually have people that go out to their homes and help them link accounts to our software. And what we've found is that clients that are very nervous about embracing technology walk away emboldened and appreciate the services that we provide in that area. 

We recently had a client that came back to us and showed so much appreciation for the fact that a team member had actually gone out to their home and helped our clients embrace the technology that we have on the financial planning side. And that's the eMoney platform. So, our team went out to the home, helped them set up all their accounts, linked their accounts, and now the family is so appreciative that they've actually been able to make that leap themselves from a household perspective and embrace our technology.

Sometimes, embracing technology takes an organization more work up front, but it certainly provides for a better client experience and a more efficient process for your firm going forward. So, I think one of the big focuses of our firm this year is to use video conferencing. So, to be more productive, we've really encouraged clients to do GoToMeetings. So, we present over a video conference. 

When we first started using the video conferencing to do client reviews, we had a lot of people on our staff that questioned whether our clients would embrace it. And what we've found is that not only have they embraced it; our clients really prefer to do video conferencing over driving to our office. It keeps both of us more productive. We can do more client reviews daily than we used to be, you know, spending time on the road. So, we've been very surprised that video conferencing has changed the way we operate Kellen Capital from a client interface perspective. 

We, this year, rolled out eMoney, which is a solution that allows us to actually tie in all those moving parts that Kellen Capital might not be seeing every day. So, 401(k) plans, non-qualified deferred compensation plans, stock options; these are all things now that are feeding in, providing our clients with a live and updated net worth statement. And this is actually streamlining right into our financial planning team and staff so that we could create a very detailed financial plan for our clients, quarterly. 

So, we've been in this business for over 20 years, and up until recently we've had such a difficult time in terms of, "How do we walk a client through a process?" That really helps us understand their ability to take risk in a portfolio and document that so that, when times get tough in the markets, these individuals who are clients can come back and look at this short questionnaire that we've gone through, and keep them focused and invested through difficult times. 

So, recently we rolled out a technology called Pocket Risk, which is, in my opinion, has been the first time we've seen a short questionnaire that really acts sort of just as, more or less, a personality test. It allows us to really understand our clients' abilities to take risks through volatile times, and helps us quantify and design a portfolio that meets their objectives. 

These integrative workflows have allowed us to provide our clients with a much better client experience, a much happier client at the end of the day. The firms that are having difficulty embracing technology or are nervous about making a change, my advice would be, "Just go for it and embrace it." And even if your clientele is not such that they are enablers of technology, our firm has really made an outreach to help our clients get over that hurdle and embrace technology.

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