How Your Smartphone Could Save You Money


Smartphones should be every financial adviser’s new best friend according to a recent report released by Strategi Group Executive Director, David Greenslade.

He says record keeping obligations under the new financial advice regime mean advisers often need to collect and safely store more client data than ever before.

“With most New Zealanders owning a smartphone and 97% of the population listed as active social media users, it is likely most advisers will be using a smartphone too,” he says.

“They can harness the power of this technology to speed up the advice process, collect and transmit data, and gauge client satisfaction.”

Strategi’s David Greenslade …smartphones should be every financial adviser’s new best friend

Greenslade says many of his firm’s clients save between three and 10 hours a week by using a smartphone to capture and share information.

“If advisers value their time at $200 plus GST per hour, then that equates to $600 to $2000 a week,” he says.

Among Greenslade’s suggestions on how a smartphone can save time include:

  • Recording client meetings/calls and saving them directly to the client’s electronic file. This avoids the need for handwritten or typed file notes
  • Taking photos of client documents or handwritten meeting notes and uploading these to the client’s electronic file
  • Getting clients to take pictures of key documents and send to the FAP. This saves clients having to mail originals, or to find a scanner etc
  • Recording conversations with clients and then forwarding the recording to the personal assistant or administrator with action points
  • Having a Customer Relationship Management (CRM) system that includes a mobile app version. This enables advisers and support staff to record and retrieve client data on the go

For the full list see Greenslade’s post at Strategi.