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Whole of wealth approach with client portals – A case study
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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.
Sherlock Wealth uses myprosperity to collaborate and to provide its clients with a complete view of their wealth. By utilising the ‘rooms’ function, Sherlock and his advisers can share information with third party professionals, such as lawyers and accountants, as well as authorised family members.
In this way, Sherlock said the client portal is an important intergenerational wealth tool that enables the practice to deliver its clients a complete view of their wealth.
“Increasingly we are working with families with intergenerational wealth and taking a whole of wealth approach. The functionality of myprosperity makes it easier to share information across the generations and provide a whole of family wealth approach.”
When discussing intergenerational planning and succession, Sherlock said the quality and quantity of information is immense.
“We have moved away from emails and use the portal where everything is encrypted. Clients get a notification regarding something they need to action and can then do it all through the portal on their phone if they wish.”
Clients also get a full view of their net wealth position. “It’s really helpful to have the full overview of a client’s situation to enable us to give the best advice.
Sherlock said clients are receptive to moving to client portals regardless of age. “We use our client portal as our primary communication method our with clients.
Andrew Sherlock
Owner and CEO, Sherlock Wealth
Learn more about our all-in-one secure client portal
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.
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.
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.
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.
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.
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.
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.
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.
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.
