How leveraging tech can add value to corporate employees

Posted 2 April 2024 by Bruce Ely Johnston

As more employers recognise the value of delivering financial advice to their employees, there’s an opportunity to work with more than just the directors or managers.

In fact, advisers who set up and manage group schemes can benefit from having a large pool of potential clients at their fingertips. But how do you access them, provide something meaningful, and make a profit?

From group pension schemes to group risk solutions and healthcare and wellbeing, there are a variety of ways you can add value.

Reaching every company member in a meaningful way

The problem comes with how to reach every member of an organisation in a way that’s meaningful for them, while being cost effective for you.

For many advisers, the process of onboarding staff to a pension scheme, for example, is just that – a process.

For the most part, this probably involves a brief 15-minute chat with each employee. This will go along the lines of this is what their pension looks like, what they’re contributing, and what their employer is contributing.

For advisers only looking after the group pension scheme, with limited information, often this is as far as the ‘advice’ can legally go.

Technology can improve the experience and add value for both parties

By utilising technology and putting it in the hands of employees, you allow them to take the initiative. Technology helps employees to provide more information than traditional methods allow.

Imagine a world where you were able to use an app that gave you an overview of:

  • How their finances stack up (what’s missing and what’s required)
  • Whether there are other pensions from past employment, or an additional personal pension they contribute to
  • If there are other savings and investments, such as ISAs, to be taken into account.

Solutions like this can allow simple guidance through to full financial planning by offering employees much greater understanding of their finances, via an adviser, through their employer.

Technology can also help you unearth hidden gems

With an app like this having done much of the preliminary factfind for you, it should enable a much more focused meeting, specific to their situation, rather than the mundane group pension speech.

A great benefit to this approach is that the system can identify those hidden gem clients who would have ordinarily been completely unidentifiable through the standard routine.

As an example of how well this can really work, we recently spoke to an adviser who was able to see that the person they were meeting had £750,000 sitting in a cash account. This meant that they were able to have a more detailed conversation and take them on as a private client, benefiting both parties.

Use tech to help you build a pipeline of opportunity

With technology helping you engage employee interest and gather information, you’re well-positioned to build a pipeline of prospects, while providing greater financial wellbeing to a much wider audience.

Technology can help you engage better and more easily with every member of a firm you’re working for and go outside the box-ticking exercise of delivering the group pension scheme. Instead, the work that you do on behalf of the employees becomes a true and lasting benefit that counts for something and is both meaningful and tangible.

Plus, by extending the service beyond what the directors might traditionally have expected, you can deliver above and beyond, without breaking a sweat.

To find out more about how you can use AdviceBridge to service group schemes more efficiently book a demo.

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Bruce Ely Johnston

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Bruce Ely Johnston