When portal solutions are designed correctly, they give access to the financial advisors all the content and tools they need to become more efficient at their jobs. The portal can also become a hindrance to the advisor’s productivity and there are many possible reasons as to why; whether it be disorganization, lack of integration, lack of adoption, latency issues, or navigation. All of these are symptoms of a failing portal that we discuss in-depth in a previous post.
Portal Impacting Advisors
In previous posts, we have highlighted why a failing portal impacts advisors’ productivity. In addition to impacting performance, it also creates negative sentiment between the enterprise and the financial advisor. The advisor becomes frustrated with the enterprise that is providing them the faulty portal. Sentiments such as: “head office doesn’t care about us,” “I can’t work with this,” may begin to arise. There are several possible outcomes that these kinds of negative sentiments may spread and impact the organization.
The first issue is the negativity will impact the clients directly. With the advisors being in a foul mood because they must deal with the headaches of the portals, this can affect their interaction with clients and prospects. Advisors won’t be focused on providing the best possible experience for the client because they are focused on the portal issues. Even worse, they could become negative when interacting with the clients or prospects. The indirect impact to the client experience comes in the form of employee retention. According to a study conducted in 2017, found that up to 50% of employees leave an organization because they feel burnt out. One of the causes for this feel can be due to the stress caused by the ineffective portal. From the perspective of the client or prospect, this would send a terrible message because every few months or years their financial advisor is changing. Clients and prospects need to feel a strong sense of trust in their advisor and prefer to have their advisor with them for a long time as they are working together rather than being passed off.