Virtual Delivery Model Enables Personal Capital to Thrive Despite COVID-19 and Market Headwinds
Wealth Management Company Has Record First Quarter Sales for Q1 2020 and Introduces The Financial Roadmap to Deliver Advice at Scale
REDWOOD SHORES, Calif., April 14, 2020 /PRNewswire/ -- In the midst of a global pandemic, Personal Capital is leading the financial service industry's shift to a remote setting by delivering advice at scale in today's virtual world. Through the combination of innovative technology with human insight and advice, Personal Capital gives American families clarity and control in their financial lives in a time of financial uncertainty. Despite unprecedented market volatility, the company has experienced its best sales quarterly growth ever, driving a 23% annualized growth in net new assets in the first quarter of 2020.
"Our business was designed to operate virtually, therefore our service levels have remained unaffected, even when supporting remote work options for all our advisors and our employees," said Jay Shah, Chief Executive Officer of Personal Capital.
Recently, Personal Capital has supported record levels of customers who are remotely connecting to their money and actively engaging in their financial lives. The company has seen a 60% increase over normal load in its award-winning dashboard app - nearly double during peak hours traffic - while not missing a beat in delivering sub-second response times. Against this backdrop of increased technology engagement and client acquisition, Personal Capital Advisors have also seen a 75% increase in overall client service interactions with their advisors compared to a typical week. Across its entire customer spectrum, Personal Capital is seeing increased consumer demand across its entire technology-advisory hybrid virtual delivery platform.
Prior to the San Francisco Bay-Area shelter-in-place orders, Personal Capital closed offices nationwide on March 13th for the safety of its employees. The entire advisory force was 100% operational, and fully enabled to work from home, one day after the company's decision.
"I'm working from my living room, but our message and value proposition is the same. I try to approach calls with empathy and I always suggest that people focus on controlling the controllable. If you're not a client and things are feeling a bit chaotic, our free financial tools will give you a 360-degree look at your money and may help you feel more at ease," said Amin Dabit, CFP®, VP of Advisory Services.
Today, the company announces the release of The Financial Roadmap, a new feature on their dashboard. It's designed to improve the financial outcomes of advisory clients by delivering personalized, useful, and timely guidance at scale. The Financial Roadmap generates a prioritized list of financial planning topics such as employer plan analysis and estate planning based on a person's personalized data. Over time, it recommends new topics to prioritize based on changes in the data. It also recommends where to prioritize savings, how to pay down debt, build an emergency fund, or the amount to save for retirement. All of this is based on accounts and loans aggregated in each client's individual — and secure — dashboard.
"This invaluable new feature is designed to help our clients prioritize actions so they can have greater success managing their financial outcomes," says Chief Product Officer, Jim Del Favero. "By logically incentivizing people to prioritize 19 financial planning topics to discuss with their advisors; this nudge-based guidance is also revolutionizing the advisor-client relationship and increasing our client's financial confidence in this challenging time."
Advisors can now proactively reach out to clients, to discuss the right financial topic at the right time and can easily help clients adapt to ever-changing remote environments. The Dashboard serves as a "two-way" window to both the client and advisor, offering a real-time view of what's going on in someone's financial life. And as a result, this allows Personal Capital advisors to provide the best advice through a holistic approach.
Personal Capital offers a suite of financial tools including their popular Retirement Planner and award-winning Smart Withdrawal tool - helping over 2.4 million families see, plan, and analyze their money and plan for the future.
ABOUT PERSONAL CAPITAL
Personal Capital is an industry-leading digital wealth management company. We do the right thing by the everyday investor by taking a holistic, 360-degree approach to money management. Our state-of-the-art tools and technology provide investors with a complete financial picture and our registered investment advisors provide expert guidance, and logical strategies, based on a personal understanding of an investor's financial picture and goals. We currently manage assets for over 23,000 families and have offices across the U.S, which are physically closed due to COVID-19. For more information, please visit, http://www.personalcapital.com or connect with us on Facebook, Twitter or LinkedIn.
For more information or to see a demo of The Financial Roadmap, contact:
Jacqueline Quasney
Sr. Director of Marketing & Communications
[email protected]
SOURCE Personal Capital
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