New platform aims to help brokers create ‘stickier’ clients

Speaking to The Adviser, creators Jason Ryan and Mark Prestige explained that while the service allows consumers accurate forecasting and promotes financial discipline, access to this data also opens up new opportunities for brokers to provide a well-rounded customer experience.

Mr Prestige explained that the critical part of a broker’s relationship with a client is to actually understand the client’s true position in order to do the right thing by them.

“Brokers are able to provide budgeting discussions, cash flow goal settings … it allows them to become a personal finance coach,” Mr Ryan added.

According to the creators, brokers can thus move beyond the role of a ‘loan provider’ and form long-term relationships with their customers.

“Rather than the client only being transactional and coming back on a reactive basis, brokers can become proactive … the client becomes much stickier,” Mr Ryan elaborated.

The creators also highlighted that the platform generates significant opportunities for brokers to diversify their business model and build stronger referral relationships with other financial services professionals.

“Brokers with CashMaster can identify a whole range of products for clients, whether it’s general insurance, super … there’s the ability to refer to their advice partners,” Mr Ryan emphasised.

The platform was launched last month and while it is currently a web-based system, the creators have plans to produce an app in the next few weeks.

[Related: Artificial intelligence delivers brokers increasingly hot leads]