So like the majority of people I have both my personal email and my work email linked to my phone. Like many others I dabble in the share market from time to time (read: probably 5 purchases/sells per year).
It will come as no surprise then that working in the mobile space and having an existing portfolio means I take an interest in the stock market apps out there.
I recently purchased StockTouch, which offers an array of ways to visually display different equities, sectors and how they are performing. Having spent a few minutes playing around with this new app it was somewhat unfortunate that my existing wealth management advisor happened to send through his fortnightly market update – an email with a PDF attachment. The difference in experiences could not have been more profound. One gives me access to the near real-time performance of USA and Global equities in an easily digestible interactive format (with links to market intel reports) the other is a PDF version of the same hardcopy market update report they have been churning out for years.
In my opinion, the opportunity and the need for financial planners/wealth management advisors to embrace a design-led approach to mobile is obvious. The larger banks are already leading the charge in personalising and enriching the mobile experiences they offer. Kiwibank provides all information from a single ‘personal teller’ aka John, searching for a branch via the St George app provides you with a photo of the local branch manager and their details.
It’s not hard to imagine the next step will be a convergence of retail and personal investment experiences, where you can open a trading account that is linked to your checking account from within the one application. Think a hybrid of CBA’s Commbank and Commsec apps.
However as mentioned before, the relationships financial planners/wealth management advisors hold with their clients cannot be underestimated. There is a real opportunity for specialist investment firms to leverage this relationship in a mobile environment. Tailored market research in an easily digestible format coupled with timely push notifications from a trusted advisor you’ve stayed with through good times and bad is an extremely strong value proposition.
The opportunity to take the lead is closing fast though, it won’t be long until the big four turn their attention to their respective investment arms and apply their learnings from delivering great retail experiences.