Last week, my colleague Alex Pigliucci examined how client-advisor relationships are changing in response to shifts in client expectations and competition in the wealth management landscape. This week, we’re discussing the steps advisor-led firms can take to step up their game.

What consumers expect

The need for wealth management advice has never been greater. However, with access to more information, planning tools and investment options, consumers are increasingly dictating the terms of their client-advisor relationships. To stay competitive and relevant, firms have little choice but to evolve with the needs and preferences of investors.

Consumers expect tailored wealth management solutions, 24/7 service and an integrated, multichannel experience that provides advice where and how they want it.

How firms can deliver

Accenture’s work with wealth management clients has revealed four key strategies that advisor-led firms can use to enhance collaboration, improve process efficiency and build strong client relationships:

  • Address the proposal process by introducing a proposal tool that is dynamic, interactive and fully integrated.
  • Help advisors understand client needs and equip them to provide tailored solutions.
  • Integrate mobile technology and social media into the advisory experience.
  • Bring private banking down one wealth tier by applying the model used with ultra-high-net worth clients to other wealth tiers.

I’m curious to hear your thoughts. In this age of “do-it-yourself” portfolio management, do investors still need advisors? Is the advisor-led model on its way out or simply in need of a reinvention?

To learn more, download New Realities, New Approaches: Changing the Client-Advisor Relationship in Wealth Management (pdf; opens in a new window).

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