Expanding regulatory frameworks, new types of competition and evolving client expectations are working together to create a "need to innovate" for advisors who want to grow their business and keep clients happy, according to Carrie Nelson, principal in EY's financial services practice. "The firms that can deliver a superior client experience will be best positioned" for growth, Nelson told PC360.
As they think about ways to deliver that superior experience, they should think about how mobile tools can create a tighter connection.
|Emotional experience with mobile devices
There's a behavioral aspect to using technology, particularly mobile, Nelson said. "Because you hold [your phone] so close to your face, you tend to trust it more or feel a physical touch that's different from your laptop. Because there's a physical, emotional experience with your mobile device, the firms and advisors who can harness that" to give clients a physical and emotional experience with their firm will be better positioned to retain those clients long term.
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