6 Reasons Your Firm Needs a Client Portal

Written by Fraser Stewart
Reading time 3 minutes
6 Reasons Your Firm Needs a Client Portal image

Client portals, secure online platforms for communication and information exchange, offer numerous advantages, leading to increased client engagement, improved revenue generation, and enhanced operational efficiency for advisers.

1. Security

The UK financial sector faces a rising tide of cyber threats, with a 13% increase in reported cybersecurity incidents in the first half of 2023 compared to the same period in 2022 (National Cyber Security Centre). This highlights the critical need for robust cybersecurity measures, particularly for financial institutions and individuals managing their finances online.

Client portals provide a secure environment for sharing documents and information, safeguarding sensitive data from unauthorised access. This is especially important in the UK, where regulations like the General Data Protection Regulation (GDPR) emphasise data protection and privacy. Unlike email, a prime target for cybercriminals, client portals offer an extra layer of security, mitigating the risk of data breaches. According to a PWC, a staggering 92% of UK businesses experienced cybercrime in 2022, highlighting the crucial need for secure solutions like client portals.

2. Multichannel Experience

Client portals cater to the evolving needs of clients by offering a multichannel experience. This seamlessly blends traditional face-to-face meetings with secure online interaction through features like co-browsing and communication options like text chat, audio, and video calls. This flexibility empowers clients to choose their preferred method of communication, catering to a wider range of client preferences.

80% of financial advisers reported a substantial increase in client trust and 68% in client motivation with the use of a client portal. This data showcases the positive influence of client portals on fostering stronger and more engaged client relationships.

3. Regulatory Compliance

Client portals can help advisers meet regulatory requirements by providing an auditable trail of communication and document exchange. This simplifies compliance processes and helps ensure adherence to regulations like the GDPR. With the Financial Conduct Authority (FCA) placing increasing emphasis on client protection, utilising client portals demonstrates a proactive approach to compliance.

The FCA introduced the Consumer Duty in 2023, raising the bar for how financial services firms interact with their clients. This new regulation emphasises the need for fairness, clarity, and good outcomes throughout the customer journey.

Client portals can play a crucial role in supporting your compliance with the Consumer Duty by:

By adopting a client portal that promotes open communication, informed decision-making, and a client-centric approach, financial advisers can effectively navigate the Consumer Duty landscape and prioritise delivering fair and positive outcomes for their clients.

4. Holistic Financial View

Leveraging Open Banking and Open Finance, client portals allow clients to securely connect their bank accounts, credit cards, and mortgages to the platform. This creates a holistic view of their financial situation, enabling advisers to provide more informed advice and personalised financial planning. This comprehensive view allows for tailored financial strategies that address the client's complete financial picture.

5. Improved Efficiency

Client portals streamline communication and document sharing, eliminating the need for printing, mailing, and physical paperwork. This saves both advisers and clients valuable time and resources, allowing them to focus on more strategic tasks and fostering a more efficient workflow.

Client portals can save advisers up to 10 hours per week on administrative tasks. Assuming an average adviser hourly rate of £150, this translates to £7,800 saved per year in administrative costs. This allows advisers to spend more time on strategic activities like financial planning, client engagement, and business development, ultimately leading to increased revenue potential.

6. Demonstrating Value

By empowering clients with real-time access to their financial information, client portals foster trust and understanding of the value advisers deliver. Clients can track their progress, download statements, and stay informed, showcasing the tangible benefits of the adviser's services. This transparency strengthens the client-adviser relationship and demonstrates the value proposition of the adviser's expertise.

Financial advisers using client portals experience a 20% increase in client retention compared to those who don't. This translates to a significant reduction in client churn, leading to a more stable and predictable business for advisers.


Client portals offer a secure, efficient, and multifaceted solution for UK financial advisers and their clients. By adopting client portals, advisers can not only safeguard data and comply with regulations but also create a more engaging and valuable client experience, positioning themselves for success in the digital age.

Ready to experience the benefits of client portals firsthand?

Book a free demo to see how our secure platform can help you streamline your practice and create a better client experience.

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