Harnessing technology: how Cansquared eliminated paper processes and improved client engagement
Customer testimonial | Cansquared Limited
When Geoff Matthews, founder of Cansquared, decided to start using intelliflo office in early 2020, he saw it as a way to improve efficiency and set the wheels in motion for his eventual succession plan. Four years on, he’s found that the switch to digital has helped fulfil those goals and has also supported greater client engagement and helped his business reach a broader range of people.
We spoke to Geoff about his experience, his tips for other intelliflo users and his plans for the future.
Embracing the client portal
Implementing intelliflo office just as the pandemic hit meant Geoff could continue to manage his business and his clients without disruption. The client portal immediately became an invaluable part of his advice process. He explains: “Right from the start, I realised that getting a client involved with the portal was the way forward. We were in the pandemic at the time and weren’t allowed face-to-face meetings, so being able to deal with clients remotely was great.”
After training with the intelliflo team on the system’s broader functionality, Geoff quickly realised that the portal offered more than just a way to meet remotely. “I immediately thought, this is a way to improve how I engage with clients. I know some IFAs who use intelliflo office but don’t really use the portal, or only for some clients. I think they are missing an absolute trick. What’s the point of having this great system with all this information if you don’t use it with the client and get them to engage with it?”
Geoff believes the key to success is introducing the functionality to clients from the start. He says: “My approach is to make it part of my process for all clients I’m dealing with on an ongoing basis. In my very first meeting, whether it’s face to face or by video, I introduce the portal and say, ‘This is what we do’ and give them a quick demo. Then I send a follow-up email with some simple instructions on how to register on the portal and a guide to the different sections. Some people need handholding to understand how the technology works, but no one has said they won’t use it. I find it’s a really good test of the individual’s commitment to financial planning too, especially for new clients. If they don’t engage with the portal when I send the email, then I won’t go back chasing them.”
Improving conversations
For Geoff, using the portal has helped shift the focus of client meetings from filling in forms to having deeper conversations. He says: “Before I moved to intelliflo office, I’d been filling in paper fact finds with clients for 40-odd years, that was just the way it had always been done. But now I do it all through the portal, I haven’t completed a paper fact find for four years!”
Clients also complete risk profile questionnaires online, which Geoff uses as the starting point for the next conversation. He adds: “One of the big advantages for me is that I don’t have to interrogate clients for basic information. They can input it at their leisure, which might be Sunday afternoon or 10.30 at night, whatever works for them. Then in our meeting can focus on discussing their financial planning needs.”
A better service for all clients
Cansquared’s client base is a wide range of ages and professions and by combining face-to-face with digital, Geoff feels his proposition is relevant across generations. “An IFA practice today has got to be up to speed with technology to stand up in the face of competition. It’s got to be able to provide this facility to engage remotely, if that’s the way they want to do it. It can’t all be just face to face.”
Geoff has a specific policy in place for vulnerable clients, and this is also supported by intelliflo office’s functionality. He explains “I’ve got a marker on intelliflo office for anybody that I consider to be vulnerable, so straight away a red flag comes up. We still use the portal, and our vulnerable clients still engage with it, but I have to do a little bit more work. I feel that going the extra mile is part of our service anyway though, and I find it’s always appreciated.”
Investing in tomorrow
Geoff’s investment in technology is also helping to secure the future of his practice. When he established Cansquared as a sole adviser, he was already thinking about his succession plan. From the start, Geoff expected his son, Richard, to eventually take over. Having recently qualified, Richard is now on board as a second adviser within the firm.
Although Geoff’s exit from the business is still some way off, he sees intelliflo office as key to enabling it to happen. He explains: “Richard lives over an hour away from me, so the ability for him to work remotely is a big plus. I don’t want to drag him over here into the office every day. He’s 36 and I’m 66, his use of technology is probably better than mine, but he’s still learning about the business, so having all the firm and client information available to him at the touch of a button, rather than digging into paper files in the office, is invaluable while he prepares to take over in a few years’ time.”
By embedding technology into his operations, Geoff has freed up time to focus on relationships and also helped improve client engagement with financial planning, ensuring that the future of his business is secure.
You can find more about Cansquared Limited on their website.