Lumiant launches ‘Your Life’ that lets the client scope their success 

From

David Haintz

Software supported advice platform, Lumiant, has launched its new ‘Your Life’ module. The new module enhances the Lumiant discovery process by identifying what success truly looks like for clients by aligning it with their values.

Built for financial advisers by financial advisers, Lumiant is on a mission to radically transform how advice is delivered. Its structured and robust software supported advice process places client values at the heart of the experience, giving money meaning and empowering their clients to live their best lives.

In just over six months, Lumiant has grown a lot both in terms of team size and maturity.  Over 1,000 households are contracted on the platform with advisers helping clients to align their finances to their values. As the company continues to grow and work in partnership with financial advisers, Lumiant is further optimising its processes to meet and exceed market needs.

“We see our role to be one of collaboration with advisers. Where we work hand-in-hand to build and deliver the world’s best client experience platform. One that ensures what the client values is at the heart of the experience. The continued feedback we receive from our community has been invaluable and has enabled us to continue to optimise our platform to meet their needs,” said Santiago Burridge, CEO of Lumiant.

“One area which has required an overhaul is the tired fact-finding process. We have been repeatedly told that a fact find is what you have. But our research is telling us that uncovering how people feel is much more important, as we can influence, measure and anchor our experience in what we value. Working with advisers, we decided to reimagine our process to let clients scope their success against what they truly value in life.  Revitalising a process in much need of an upgrade.”

Today’s antiquated fact-finding processes focus on financial outcomes, determining a client’s income, debt, risk, investments, retirement and estate planning. This typically disengages the non-CFO spouse and sets the context of the engagement to be purely financial.

‘Your Life’ turns this process on its head. Using a short survey to better understand what life outcomes a client would deem a success, following their engagement with a financial adviser. The survey includes statements based around the Eight Dimensions of Wellbeing and positions the adviser’s value proposition immediately “Above the Line”, giving meaning to the financial output of the engagement.

“For a long time, I have been advocating for advisers to move their value propositions above the line and I believe we’ve now reached a tipping point; where advisers no longer purely manage people’s financial affairs but also support them in other areas of their lives. Time and again, it has been proven that this change in your value proposition can tap into an unmet and growing demand that leads to significant growth and profitability for advice practices,” said David Haintz, a Lumiant Ambassador.

“Your potential client base is crying out for a new approach. One that puts their values first. But often their first engagement with an adviser is all about money, product and compliance, which can be off-putting, boring and is a far cry away from delivering life first advice. The new Lumiant module changes that and places what clients really care about right at the start of the experience.”

A lot of care has also been put into the User Interface of the new module, ensuring it provides engaging takeaways for the client. Following the completion of the survey, clients are provided with an overall life score, a visual display of what matters most to them in their lives and how closely they are to living a life aligned with their values.

This data also provides financial advisers with the information they need to connect deeply with their clients in their follow-up session. Unpacking insights that enable them to quickly progress through a values-based advice session and create household values, which financial goals and strategies can be assigned to help clients to live their best lives.

“At Lumiant, we are all committed to engaging the non-CFO spouse as we know they are the decision-maker in the family. We also know the current advice process has intentionally disenfranchised them by anchoring the delivery of the proposition in investment products,” said Burridge.

“It is our hope that by changing the discussion and delivering on the promise of advice we can bring the enjoyment back to financial advice. This means giving money meaning and placing the client’s life at the heart of the experience. With client values at the heart of the experience, we have seen referrals increase as the process produces more meaningful outcomes that create clients for life,” said Burridge.

‘Your Life’ is a free module for Lumiant customers. It is available through the Lumiant platform. Advisers are able to send the survey to their clients at the click of a button or by sharing a link.

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