Segmented client service, standards of care and adherence to increasingly restrictive compliance standards are key drivers of customer loyalty and assets under management (AUM) growth in the post-financial crisis wealth management industry. Financial advisors must rapidly identify clients who require immediate attention, prioritize client-specific actions among the different options available (e.g. compliance reminders, portfolio alerts, cross-sell opportunities, etc.) and engage clients accordingly.
Wealth management firms deliver suggestions, ideas and alerts to financial advisors across multiple channels: Workstation, emails, calendar reminders and more. This reduces the financial advisor’s ability to identify the high-priority, client-specific actions.
At the same time, financial advisors tend to manage client relationships based on practices derived from their own past experience, making it problematic for branch managers and the home office to ensure the delivery of a common standard of care and client experience.
Accenture’s wealth advisory toolkit application allows home office to generate a prioritized list of client-specific actions that the financial advisor can execute to enhance the client experience, deliver a consistent standard of care and comply with regulatory requirements.
This application enables home office to score each action available for a client—e.g. quarterly review of the portfolio, maturing bond, loan cross-sell opportunity—with respect to the expected improvement in the strength of the advisory relationship.
At the core of the application is the Advisory Relationship Strength (ARS) score, an indicator that provides insights on the status of the relationship between the financial advisor and client, as well as on the expected impact of potential initiatives.
Client-specific opportunities, alerts and reminders are rank-ordered based on the expected lift in the ARS score, and ultimately on the potential improvement in the relationship with the client.
The application helps the home office generate actions and campaigns, link them to target clients and ensure that they drive desired behaviors and campaigns—all while enabling branch managers to monitor the financial advisors’ ability to execute on the recommended actions. In turn, financial advisors will be able to identify the top priority actions to be taken on each client, and plan their activities accordingly.
The Advisory Relationship Strength (ARS) score reveals the health status of the advisory relationship with individual clients and across the financial advisor’s portfolios.
Home office can prioritize high impact actions and promote desired behaviors by configuring the ARS score impact on the available actions for each client.
Financial advisor activities are standardized and structured through a prioritized list of client-specific actions.
The ARS score allows branch managers and financial advisors to assess the status of the relationship with a customer, evaluate contact priorities and identify urgent actions.
Logging of ARS-driven actions and feedback is incentivized by the associated improvement in the client’s ARS score.
Scenario analysis helps financial advisors to plan new actions by simulating the number of clients affected by each financial advisor, and by simulating the impact on the ARS score.
Our scalable Accenture Insights Platform has financial services applications built in, providing fast and easy access to an array of industry and functional applications that bolt on to the platform. In this way, clients experience quicker time to market and more rapid results.
Clients also access our wide range of capabilities rooted in:
Industry knowledge. The validity of our advanced analytics outcomes is underpinned by our deep knowledge of the sector.
Business. Applications are designed for business users and focused on business results, minimizing advanced analytics complexity. Getting to accurate outcomes does not require statistical, mathematical or IT knowledge—just business know-how.
Flexibility. Applications are based on a framework that can be easily integrated in an enterprise operational environment to drive business process action.