For wealth management firms, the proposition may sound simple: adapt to key trends by taking a broader, more client-centric view on the initial interactions that clients have with advisors. In exchange, be better positioned for growth and revenue uplift. Easy, right? Not so fast.

Many firms recognize the need to invest in the client onboarding experience. However, to successfully transform to this future advisor model, wealth management firms will need to do it right. What does that look like? Here and next week, I’ll share with you what you need to know about this redefined wealth management client onboarding experience.

The game is changing

The client onboarding experience of tomorrow is not what, say, your parents are used to. That’s because a number of industry trends are compelling firms to re-evaluate the way they look at their client onboarding capabilities. In short: the game is changing. Clients are evolving. They want more transparency and seek to understand the advice they’re being offered. Oh, and that advice, well they expect to receive it in a fully integrated and interactive way. And when it comes to products, more is better. Clients want advisors to truly know them and provide customized solutions. All this changes the game for wealth management firms, meaning no longer can client onboarding be viewed as a stand-alone, task-driven, paper-based process.

The payoffs are even bigger

Read the report.
Read the report.

For those firms that offer a seamless customer experience, from lead generation, through the initial sales meeting, to the opening of funded accounts, the payoffs are rich. I’m talking revenue growth, cost savings, improved productivity and reduced operating costs, to name a few. Sound appealing?

Before you launch right in to a full-fledged transformation, it’s important to consider the expectations of key stakeholders and get familiar with the capabilities central to a successful client onboarding strategy. That’s the topic of next week’s post. Please join me then.

In the meantime, to learn more, read:

Submit a Comment

Your email address will not be published. Required fields are marked *