Enriching client experience with digital financial planning - GoalsMapper

By AAN team | 11 Mar 2021

Credit: GoalsMapper

Financial planning can be time consuming and troublesome, which is why people tend to put it off, only to attribute financial circumstances to bad luck. Oftentimes, unfavourable situations could really just boil down to be a result of improper planning.

In 2014, a study by DBS Bank revealed that 76% of Singaporeans prioritise saving for retirement, but less than half have constructed a financial plan, putting it off until it is too late.

In reality, a sound portfolio goes a long way. So the question here is, what can Financial Consultants do to meet the financial needs of these individuals?

Enter GoalsMapper, a financial planning software, with a mission to transform financial planning into an intuitive process - all to benefit the end consumer. For starters, the platform is simplifying the onboarding process for Financial Consultants with their Digital Fact Finder ("DFF").

The fundamental issue with traditional pen and paper

Credit: GoalsMapper

Financial Consultants go through a thorough fact find for prospects, and this data has to be comprehensive and accurate as it builds a base for important decisions.

Traditional form filling is a tedious process after which data is keyed in manually to be assessed. The fact-finding process traditionally takes place face-to-face and verbally, which could lead to a lack of understanding on the client’s end.

Clients can end up having unrealistic expectations, low confidence about their financial situation or uncertainty towards the recommended portfolio.

GoalsMapper’s Digital Fact Finder

With GoalsMapper platform digitising financial planning for efficiency with its Digital Fact Finder ("DFF"), more time can be allocated to real conversations.

As all customers are unique with different needs and lead different lifestyles, a needs analysis shouldn’t just be a one-dimensional thing.

With the Digital Fact Finder, Financial Consultants are able to customise each online form with questions relevant to that specific client. Digital Fact Finding does away with the arduous and often linear process of filling out forms page by page and expedites the onboarding process.

With less time spent on administrative matters, Financial Consultants can experience not just quicker turnaround for solutions, but more time to connect with clients through real conversations. With the GoalsMapper DFF, Financial Consultants save time and instead redirect their attention to building rapport with clients - new or old.

“The information gathering process is very much shortened. I save at least 10 minutes per client every time I have to do this. The time I used to spend with the client doing data entry is now spent connecting with them. I find this a better use of our time together and I find this more meaningful.” - A GoalsMapper user on the Digital Fact Finder

Better transparency and accuracy in planning

Credit: GoalsMapper

When it comes to making financial decisions, there is a lingering aversion due to reasons such as finding it too complicated or being overwhelmed by the options. With that in mind, client onboarding can be made easier by providing a better understanding of how it works to dispel any animosity.

Since form fields and subsections are all available, Financial Consultants will not miss out on important questions, allowing them to bring more clarity on financial situations and what can be done.

Clients can know exactly what needs to be assessed through the DFF, thus uncovering unexpected expenses in scenarios (e.g retirement, children) all of which will need to be addressed.

GoalsMapper then maps out a detailed analysis for the client’s benefit; this is used to better visualise where they are at and where they can be.

The transparency provided on the platform can build end-consumer confidence and trust, and clients can practice their own discernment on their financial situation.

“I’ve been enjoying using GoalsMapper. GoalsMapper is able to help clients to have a clearer picture and to be certain about where they are currently and also the future through the charts and also the facts and figures that are available. … They like the goals function and also the scenario feature so that they can better understand what they are going to plan for and whether these events will affect them in the future.” - Khew Zong Jie, Executive Financial Consultant, AEPP, ChFC, GoalsMapper user

GoalsMapper sets a foundation for goal-based planning

GoalsMapper uses technology and insights so Financial Consultants can communicate more effectively and engage with their clients on a deeper scale to better comprehend each individual.

GoalsMapper users can easily retrieve critical information on the platform to assist them during reviews and for goal-based planning.

With the touch of a button, the client planning chart can be adjusted to suit the scenarios to provide clarity to the Financial Consultant and the clients themselves. In GoalsMapper, scenarios given are also assessed based on feasibility (winning the lottery vs. receiving a fixed inheritance at age 30)

Using data-driven insights from the platform, paired with industry knowledge and expertise, Financial Consultants can prepare the clients by advising them on important decisions - building a portfolio, redirecting funds, cutting down expenses, among others - in order to reach the end goal.

While many understand the importance of saving, they may fail to decide on when or how. GoalsMapper aims to empower individuals through financial literacy, so that everyone can break free from the “what-ifs”.

To find out more about using GoalsMapper or to schedule a free demo, you can visit their website here.

GoalsMapper was the InsurTech of the Year winner at the 4th Asia Trusted Life Agents & Advisers Awards. This article is brought to you in collaboration with GoalsMapper.