Sitting down with clients to review plans and progress is bread and butter for advisors, but keeping clients engaged and informed after the session can be challenging.
Australian Private Capital (APC) is an independent, fee-for-service, 10-person advisory firm based in Melbourne, Victoria. The company offers highly personalized financial advice and develops tailored financial solutions and services based on a client’s individual circumstances and objectives.
APC started using Lumiant as a better way to keep clients engaged during and in between sessions, and used review meetings as a frictionless way to introduce clients to the platform.
Improving the experience of client review meetings
APC takes a holistic approach to financial planning, ensuring the client is placed at the heart of its experience. It decided to make Lumiant a key part of this experience, having seen the platform's potential to improve how it engages clients around their financial plan and supports its advisors in defining, co-creating, and guiding clients to live their best lives.
APC now uses Lumiant as the basis of all client review meetings. The portal makes it easy for clients to see their plans, goals and progress. This includes a traffic light system which helps APC’s advisors identify and explain priority key advice areas, such as cashflow and budgeting or superannuation contributions, to clients.
This view is the perfect springboard for advisors to have productive client meetings. It simplifies the sometimes daunting world of personal finance, making it easy to discuss strategic review outcomes and recommended strategies. This ensures clients understand how each impacts their financial plans and life goals.
“We use it (Lumiant) as a critical part of our review process where we advise the client on our strategic review and key recommendations. These become our key talking points throughout the meeting and reiterate how each of the active strategies is impacting their plans and ability to live their best life.” Calypso Waddell, Head of Operations at APC
Enhance client engagement during and after review meetings
APC understand that financial planning is a two-way street. It needs to be a relationship where both parties are on the same page and moving toward the same goal.
Getting clients to understand and complete the tasks agreed upon in the review meeting can sometimes be challenging. They might forget about it, misunderstand the ask, or not realise what they need to do.
Before Lumiant, APC managed most of its client engagement outside of meetings via email. Now, they encourage clients to use the portal for post-meeting tasks, making it much easier than searching through emails.
After review meetings, they send a "Your Life" survey to kickstart values-based advice discussions. Plus, all the meeting minutes and tasks are right there in Lumiant, so everything is easily accessible.
“We say it’s not for us, this is to help you. We have our own internal task system in place. This is here to make your life easier” Calypso Waddell, Head of Operations at APC
Seamlessly onboard clients onto Lumiant
Change can often be seen as a daunting task, particularly when adopting a new technology solution or advice process. But it doesn't need to be.
“Lumiant provides advisors with a unique values-based experience that can be uncomfortable for them to dive straight into with existing clients. There is a certain level of change management required to ensure the advice process continues to provide a smooth and engaging experience for their clients.” Calypso Waddell, Head of Operations at APC.
APC addressed this challenge by implementing Lumiant in stages throughout its business and processes. Advisors were educated on the new process and platform via Lumiant's Academy, helping them understand how best to bring conversations about Lumiant to life with clients.
For clients, APC wanted to integrate Lumiant into its experience seamlessly. As such, the Lumiant enhanced experience was first introduced to existing clients during their review meetings.
APC introduces clients to Lumiant with welcome slides, highlighting what’s new and what’s changed. They walk clients through the portal's main features, ensuring they’re comfortable navigating the interface. Goals are pre-loaded into the platform through integration with Xplan and manual updates, providing clients with a clear view of their objectives from the start.
The new process elevates the client experience, simplifies task management and lifts the lid on Lumiant for clients - teaching them how to use it and how it helps. Three goals - one stone.
The onboarding process follows an education-first approach, guiding clients through the different modules, including Key Advice Areas, Goals, Tasks, and Governance. APC also ensures its team is well-trained and constantly improving by seeking internal feedback and providing ongoing training.
Creating personalized experiences with Lumiant
APC understands that not all clients have the same needs. As such, they tailor the Lumiant experience accordingly. Full-service access is available for those with comprehensive financial needs, while basic access is available for clients with simpler requirements, ensuring essential documents are securely stored.
Similarly, APC appreciates that not all their clients are as technologically savvy as others. For clients who don’t own computers, Lumiant's Best Life Plan is used to export and print a task list, meaning everyone can access and see their information and next steps.
With the ability to customize these different experiences through Lumiant, APC has enhanced the advice experience for all their clients.
Helping clients live their best lives with Lumiant
In big projects and financial planning, the first steps are often the most important. Calypso and the APC team saw huge success in not only introducing their clients to the Lumiant advice platform but also improving their review meetings and beyond.
Clients responded positively with no pushback, and APC advisors now see more efficient task management and better engagement across their portfolios. Lumiant has become a vital part of the review process, making it easier and more productive for clients and advisors.
Want to learn more? Visit www.lumiant.io or get a demo.