New account opening used to be a standalone function—one that followed lead generation and sales processes. It was task-driven, paper-based and administrative, and the repetitive entry of client information made it a burden on advisors.

Well, consumer expectations have changed. Wealth management firms are now thinking about—and planning for—end-to-end onboarding for clients.

Rethinking onboarding

A number of trends are forcing firms to reassess their onboarding capabilities:

  • Evolving client needs, including client knowledge and expectations.
  • Channel convergence blurring the lines between advisor and digital channels.
  • More products, more complex products—and less differentiated products.
  • The shifting role of advice to be more client-centric and outcome-oriented.
  • Aging infrastructure, which makes it difficult to meet business demands.

Benefits of end-to-end onboarding

Improving client onboarding systems can enable wealth management firms to:

  • Increase sales with increased advisor productivity, as well as more targeted up-selling and cross-selling.
  • Improve customer experiences, which can drive better customer loyalty and affinity, and improve retention rates.
  • Decrease costs by lowering the cost to serve, improving process optimization and reducing the need for mistake proofing.

Improving client onboarding is a critical objective for wealth management firms—but how can a firm design an onboarding system that works? Join me next week as I tackle that topic.

In the meantime, download Smarter Onboarding: The Key to Higher Client Retention and Cross-Sell (pdf; opens in a new window).

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