Financial advisors work hard to build and maintain lasting relationships with clients. A business-grade client portal is one of the best ways to improve those client relationships. 

Portals make it possible for financial advisors to exchange information, files, and messages with clients in real-time without sacrificing security – a key concern when it comes to confidential financial data. 

As you work to strengthen your client relationships, here are seven ways you can use a client portal to help. 

1. Easily share large files

Email is slow, and email clients often restrict attachment file size. FTP sites are cumbersome and require complicated client software downloads for sending and receiving files. A cloud-based client portal eliminates these hassles, making it seamless to find, select, and share what you want, no matter the size. Client portals that integrate with popular software make it easiest to share files without manual downloading / uploading. 

2. Make collaboration easy and secure 

Unsecure exchange of confidential information is a big concern for many financial advisors. Today, it's common for clients to use consumer-grade file-sharing tools and email applications that lack the security features businesses need. This puts client data at greater risk. 

A client portal that comes with file and email encryption, user authentication, and customizable permission-based access creates a secure environment to exchange files freely and supports back-and-forth communication. After the client portal is set up, there are no additional steps to enable security features. Financial professionals can set specific permissions for files and folders, giving access only to authorized viewers. 

3. Simplify client tasks

More and more client portals are beginning to incorporate automation to simplify and expedite client-facing tasks and workflows. Many of these workflows feed directly into the client portal. Tasks like requesting a signature or a specific file no longer require manual work on behalf of finance professionals. 

Automation simplifies work for finance professionals and their clients. For example, advisors can pre-populate forms before sending them to the client for signature. This way, clients don’t have to input information manually. 

4. Leverage reporting for personalization

Client portals offer finance professionals even greater insights into how clients interact with shared content. Client portals often let you track user activity so you can know when your client downloads the files you send them. You can use these insights to personalize client meetings or finance products. 

Client portals send reports based on the customizable settings you choose, so you can decide which files and actions will generate notifications. You can run reports on permissions or account usage to easily check if each client has access to the correct files and folders. 

5. Easily manage and collaborate on documents 

Documents like financial statements and investment proposals are key to many financial workflows. When it takes time to locate those documents, and the important information they contain, it can slow decision-making and lead to frustrating client experiences. 

Client portals make document collaboration and management simpler, centralizing essential files in one location. It’s certainly more efficient than using email to share files, which often get lost in inboxes. Both financial pros and their clients can easily retrieve files based on keyword, date, or project. 

A centralized location eliminates the need for multiple storage solutions, which can lead to lost or misplaced files – especially files that have to undergo rounds of client feedback. Many portals include version control so the latest file version is always in reach. 

6. Improve client communication

Fluid and responsive communication is essential to making clients feel valued. A business-grade client portal gives financial pros a secure platform to exchange real-time messages with clients. Unlike email, client portals use encryption to protect exchanges. 

Portals also come with client notifications, alerting a client of a recently added file, overdue task, or account activity. These notifications help keep clients engaged throughout a specific project or process, which is valuable for time-sensitive projects.

By centralizing message exchanges in one place, a client portal makes it easy to review previous conversations that have led up to a specific decision or action. This helps eliminate confusion that can happen when conversations happen through multiple email messages. 

7. Faster onboarding 

A client portal can significantly streamline the onboarding process for new clients and give them a positive first impression.

A centralized location for all required documents, forms, and information makes it easier for new clients to get started. Clients can review, sign, and submit forms without leaving the portal. Meanwhile, you can check in on their progress and proactively step in with guidance if you notice the client is stuck. 

Elevate client experiences with a business-grade client portal

By leveraging the capabilities of a business-grade client portal, financial advisors can improve the efficiency of their operations and enhance the quality of client experiences. This leads to higher client satisfaction, better retention rates, and ultimately, a more successful practice.

Learn how to use ShareFile to create client portals for your finance clients.