Client portals support the growing needs of HNW clients
By Anne Hamieh*
Digital transformation is changing the digital habits and expectations of HNW clients, and private wealth advisers are having to adapt to not only meet these evolving client needs but protect their clients against possible risks such as cyber attacks.1
The expectation for digital solutions to provide customised client experiences and seamless engagement, are being shaped by brands in other service categories such as Uber and Spotify, and these are impacting wealth management.
With increased digital transformation and the broader adoption of online accounts and digital devices, the likelihood of cyber attacks increases as new technologies bring new risks.
Client portals are emerging as the solution to not only enhance engagement with HNW clients and collaboration between wealth professionals, but also in driving secure digital interactions with clients and their data.
Technology research and solutions consultancy Finura Group works with the advice industry to solve efficiency challenges through technology solutions. According to Co-founder and Managing Director Peter Worn, client portals address some of the key challenges faced by advisers.
“What we’re seeing in wealth management is a powerful convergence of trust and technology. Client portals aren’t just digital tools—they’re platforms where professional expertise meets enterprise-grade security.”
The rise of cybercrime
In the 2023-2024 financial year, the Australian Cyber Security Centre received more than 36,700 calls to its Cyber Security Hotline, an increase of 12% from the previous year.2
According to the Australian Signal’s Directorate Annual Cyber Threat Report 2023-2024, the top three cybercrime types for business involved compromising emails, business emails and online banking.2
Business Email Compromise (BEC) where criminals impersonate business representatives by using compromised email accounts or a domain name that looks like a real business, generated $84 million in losses.2
Cybersecurity is a key challenge for all businesses dealing with data, but especially in financial services due to the volume of personal information required, as well as the reliance on email to share the information between advisers and their clients.
Cyberattacks are also particularly prevalent in the private wealth industry. The Deloitte Family Office Cyber Security Report 2024 found 43% of family offices globally experienced a cyberattack over the previous 12-24 months (57% in North America, 41% in Europe and 24% in Asia Pacific).3
HNW clients are already onboard with portals
Almost 75% of HNW clients are using an online portal for their investments, either directly or through their investment adviser.4
Further, HNW clients recognise their value, with online portals among the top five drivers of why they would recommend their current private wealth adviser.
The top five features used by HNW clients via an online investment portal include buying, selling shares or other investments (57%), real time pricing of investments (53%), performance reporting of investments (53%), access to external research and to view all their investments (43%) and total household balance sheet (37%).4
Other benefits they value include e-signing documents, access to education materials, change/updating circumstances, transaction capabilities and tracking progress against financial goals.
Client portals offer similar capabilities and for this reason, are building momentum in the broader advice market to help support digital engagement in a safe and secure way.
Email is a major challenge in digital transformation
Finura Group has explored the preparedness of financial professionals to cyber threats. As at 31 December 2024, it found 69% of advisers still send documents such as Statements of Advice (SOAs) by email.
Emails can include documents such as bank statements, energy bills, as well as scanned copies of driver’s licenses, passports, credit cards, and investment records. Emails that contain these files are often not deleted by the sender or the recipient, leaving inboxes full of all types of personal and sensitive information.
Yet email remains the most preferred way for HNW clients to engage with private wealth advisers (74%), followed by phone (70%), in-person meetings (39%) and client portals at 21%.4
The preference for email engagement poses a significant data and security risk to HNW clients. The need for enhanced cyber security, coupled with the desire to improve and deepen engagement with clients, provides advisers with a unique opportunity to leverage the capabilities of client portals.
According to Worn, advisers are best placed to provide them with a solution.
“As financial data becomes increasingly central to family legacies, advisers must empower their clients with both personalised service and sophisticated digital protection,” said Worn. “This intersection represents the next horizon of financial services.”
Benefits of client portals extend beyond security
The benefits of client portals include a holistic view of wealth and the elimination of double handling of data and information. Both of these benefits are driving efficiencies in advice processes and importantly, the provision of a secure environment to interact with client data.
Client portals effectively replace emails for the secure exchange of personal information and data and provide a simple touchpoint for clients and their advisers to communicate.
Meanwhile, online capabilities such as e-signatures, digital forms and an interactive workspace deliver secure engagement which can be used to collaborate with other financial professionals such as accountants and lawyers.
According to myprosperity General Manager Tracy Williams, advisers are seeking an engagement and cyber solution that is a one-stop shop.
“Myprosperity is increasingly seeing advisers recognise the range of benefits client portals can provide their clients as well as their ability to strengthen their value proposition. It comes at an important time in the advice industry’s evolution where trust, security and service, are top of mind for clients.”
Conclusion
Cybercrime is on the rise and is leaving HNW clients significantly exposed given the large amount of personal information they store and send online.
Client portals are fast becoming the solution to this challenge, driving secure digital interactions with clients and their data whilst enhancing the way private wealth advisers engage with their clients.
1 Directing the Matrix: Meeting the advice needs of high net worth clients.
2 Australian Signals Directorate Annual Cyber Threat Report 2023-2024.
3 The Family Office Cybersecurity Report 2024 – Deloitte Private.
4 Investment Trends High Net Worth Report 2024.
*Anne Hamieh is Head of Broking and Private Wealth Distribution, HUB24.
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