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Amazon, Netflix and Facebook raise the bar for advisers

Financial advisers need to be aware that client expectations are being set by the service provided by digital giants like Netflix and Amazon.

That’s what Netwealth head of distribution Nick Mitchell had to say when asked about the client experience in financial advice earlier this year at the IFA Convention 2018.

In an exclusive ifa Show podcast recorded live at the event, Mr Mitchell joined two leading advisers to discuss the impact that technology has had on customer service in financial advice.

“If you think about a client who is about to walk into their adviser’s office, that adviser has got to understand that they are no longer being compared to the financial planner down the street, to banks or other financial institutions. They are being compared to Amazon, Facebook and Netflix,” Mr Mitchell said.

“The last experience that client had form a service point of view might have been booking a flight via their Qantas or Virgin app. It might have been downloading an e-book. Checking their Facebook feed for news. Really seamless, frictionless experiences. So to then go into an adviser’s office, that is the expectation that has been set.”

Listen to the full episode now.