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The desire for growth, combined with the digital revolution and consumer-wide increases in service expectations, means advisory services are transforming for wealth managers. Some firms are already recognizing the need to adapt to key trends by investing in the client onboarding experience—and their efforts are sure to pay off.
The emphasis on a holistic client experience can help ensure a deeper and more profitable relationship with the client. Those wealth management firms that do it right will be the ones that demonstrate a number of key capabilities.
Read the full report to find out the key trends affecting client onboarding, and how to address client, advisor and firm expectations.
Download the full report [PDF, 491KB]
A number of industry trends are transforming advisory services and compelling firms to re-evaluate the way they look at their client onboarding capabilities:
Evolving clients. Clients are increasingly placing a focus on value, choice and convenience, and are asking for more transparency into the client onboarding process. They also seek to understand the advice being offered.
Channel convergence. Clients expect a fully integrated and interactive experience, regardless of the channels they choose. Wealth managers will need to seamlessly shift between in-person and self-service models.
Increase in products. Providing customized solutions to address clients’ particular objectives will be an imperative in advisory services.
Role of advice. Clients expect their advisors to truly know them and tailor advice to help them reach their goals.
Aging infrastructure. As firms shift from aging infrastructure to current technologies, they are able to implement changes that were not previously possible, especially in relation to straight-through-processing, mobility and biometrics.
There is a strong business case for transforming client onboarding. By leveraging improved client insights, wealth management firms are able to focus on multi-product origination and coordinated selling, driving revenue growth across the firm—but the benefits do not stop there. By reducing administrative tasks, firms are able to shift advisors’ focus to sales.
Firms can also lower the costs associated with bringing on new clients by redefining client onboarding. Furthermore, by leveraging automation and digital capabilities, firms can significantly reduce operating costs across business units.
We see six key capabilities as central to a wealth management firm’s strategy for client onboarding:
Client/advisor experience: Understand the end experience to know whether you’ve had the intended effect on your clients and advisors.
Process: Do more than fix what’s broken. Enable key drivers of investments and improve the way work is done.
Organization: Put a plan in place for understanding who is doing what and how they should be equipped to do it.
Governance: Ensure that your governance is deliberate in its engagement model and investments.
Data: Understand the information and insights required to facilitate your vision—data can help.
Technology: Bring your strategy to life with this critical enabler.
July 23, 2014
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