CyberHUB
Break the reliance on email – Together, we can make a difference
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Financial professionals, as trusted advisers, can take a leadership position in ensuring data security with their clients.
According to myprosperity Founder Peter McCarthy, the key to getting clients off email is client engagement and providing them with a reason to do it.
“Breaking down functionality into steps such as asking clients to share and sign docs in the portal, is an easier way for them to adopt new capabilities and is likely to be far more successful.“
Clients need to understand why they are being asked to make the change and simply asking them to sign up for a portal and letting them loose, is not enough.
This is why most smaller practices tend to introduce the topic of client portals with their clients at annual review time, where they can introduce the topic and provide some context to clients during that meeting.
However, for a larger business who may want to get all their clients off email at once, an announcement in a newsletter that the practice is now using a portal, and why this is happening and the benefits, can kick off the process.
“Irrespective of whether you are a big or small business, explaining to clients why they are being asked to make the change and the benefits for them is the most important thing you can do,” said McCarthy.
Showcasing the latest media coverage of a cyber incident may make the issue real and relevant to clients and gives the issue immediacy. Providing a call to action such as contacting their adviser or reaching out to a dedicated customer service resource, provides another engagement opportunity for clients before registering for the portal.
myprosperity also produces marketing material to support the activities by businesses their client base to the portal.
If this type of work is not done, McCarthy warns businesses may run the risk of client being confused and creating greater work for the practice.
“If the initial communication is not done correctly, clients will feel unsure and will reach out to the business, requiring even more resources to get the transition back on track.“
McCarthy noted although three years ago cyber security may have required more convincing that it was a key issue, today that is not the case.
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The rise of cybercrime
Cybercrime involves activities such as compromising emails and online banking fraud, which according to the Australian Government’s Australian Signals Directorate (ASD), currently make up the top three cybercrime types for business.
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The rise of cybercrime
Cybercrime involves activities such as compromising emails and online banking fraud, which according to the Australian Government’s Australian Signals Directorate (ASD), currently make up the top three cybercrime types for business.
The Regulator’s stance on cyber
Although the Australian Investment and Securities Commission’s (ASICs) does not prescribe technical standards on cybersecurity, there is an expectation for licensees to address cyber risk as part of their AFS licence obligations, including risk management.
Mandating cyber change – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Letter box versus inbox – security does differ
Two decades ago, important documents were sent in the mail and stayed in our letter box until we collected it, but this has been replaced with email and cluttered inboxes, leaving it prone to cyber security threats.
Cyber threats – Current response from financial professionals
Despite financial professional’s concern over cyberthreats, most have not acted fast enough and taken advantage of the appetite for change and the tail winds provided by government websites, cyber campaigns and media coverage.
Cyber resilience and its application
Over the past decade, Government and regulators have built a framework of governance for businesses to provide them with a structured approach to cyber-incidents and accountability.
Cyber security quick wins – Tips and techniques
Developing a cyber risk management plan takes some time, but there are some strategies that financial professionals can put in place while it does this, including multi-factor authentication and protecting domain names.
Trends from the US – What does this mean for your business?
Research in the US by Adviser 360 has found advice businesses that fail to invest in technology solutions to be more productive and better able to satisfy their clients, run the risk of being left behind.
How does your digital client experience stack up
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
It’s time to transition to client portals – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Imagine the possibilities – Key benefits of client portals
Client portals are fast emerging as a core capability in nurturing safe and secure collaboration between clients and their financial professionals.
Whole of wealth approach with client portals – A case study
An early adopter of client portals, Sherlock Wealth’s Owner and CEO, Andrew Sherlock, said it’s an integral piece of technology that his business uses with many of its clients.
Break the reliance on email – Together, we can make a difference
Financial professionals, as trusted advisers, can take a leadership position in ensuring data security with their clients, leveraging client engagement to provide them with a reason to do it.