"Transformational for your clients and their access to your help and advice, but also in terms of the cost to serve clients and the capacity it can put back into your business."
- Ben Goss, CEO of Dynamic Planner
Dynamic Planner has announced the launch of a new white-labelled digital engagement app to help advisers keep customers engaged with their financial plan.
'Tram' aims to help firms meet the needs of Consumer Duty and deliver ongoing value to support their ongoing service and fees.
The Tram app tracks clients’ progress against their financial plan, goals and agreed risk level, provides daily valuations and delivers personalised content aligned to their target market. In line with Consumer Duty it places the outcomes the customer is looking for at the centre of the service. It is available for both Apple and Android phones.
Tram harnesses the API technology on which the Dynamic Planner digital planning and advice platform is built and also takes advantage of the multiple integrations in place between the Dynamic Planner platform and relevant CRM/practice management systems, platforms providers, custodians and asset managers. It is white labelled so that advice firms can align the look and feel with their own brand.
Ben Goss, CEO of Dynamic Planner, said: “We have been working on the development of Tram for two years, but it is something I have dreamt of bringing to life since founding Dynamic Planner. The idea of putting the financial plan in the palm of your client’s hand so they can keep track and you can deliver value 24/7 – but with low marginal cost – is transformational.
“Transformational for your clients and their access to your help and advice, but also in terms of the cost to serve clients and the capacity it can put back into your business. With Consumer Duty shining a spotlight on adviser ongoing charges and demonstration of value, creating capacity in the financial advice process in order to scale is paramount. Tram will offer valuable time and efficiency advantages at scale to advisers, as well as an enhanced ability to attract and retain the next generation of clients.
“The world is now mobile led and financial services is consumed more than ever via apps. We’ve invested heavily in the UI to ensure that Tram is every bit as slick and appealing as the best of any apps already on your client’s phone. We have also blended our expertise around best practice behavioural finance with best practice design, creating an app clients will want to come back to.
“Tram literally puts you, the adviser, in the client’s pocket – it will strengthen the partnership between adviser and client, and powered by Dynamic Planner’s technology, it will drive the future of digital financial planning and advice.”
Ian McKenna, founder of Advisersoftware.com, added: “There has never been a time when digital engagement has been more important for adviser businesses.
“This service should be able to demonstrate the ongoing service they are supplying to existing customers, crucially important in light of recent FCA communications as well as those clients they need to offer a lower cost solution after exploring best value in light of consumer duty and enable them to reach new customers, who may be seeking a hybrid approach to their advice needs. These three key constituencies will be important markets for the future of financial advice.
“Currently, 50% of the workforce cannot remember life before the World Wide Web and that number is due to increase significantly in the coming years. We will reach a point within the next decade where people will no longer talk about digital because, by default, everything will be.
“Consumer research demonstrates that while older consumers still strongly prefer human advice on investments (64% for baby boomers, 62% generation X). There is a growing demand amongst younger consumers for digital advice propositions (21% for Millennials, and 30% from Gen Z).
“In each cohort between 20% to 30% of consumers are looking for a hybrid solution. In producing a single service that can accommodate all three models Dynamic Planner is enabling Advisers to access the tools they will need in the future now.”
