As you’re the first to know, the wealth management industry is undergoing profound change. For any viable business, there are always pressures to achieve consistent bottom line growth and productivity, but wealth advisors are also faced with a slew of regulations, new market entrants and changing customer behaviors to keep them on their toes. Suddenly, offering good advice has taken on a whole new meaning.
What can help you work through these disruptive times is having a decent benchmark for your business. Getting a precise understanding of your current competitive positioning, and using the knowledge about what is happening now, inside and outside the business, can help you chart a course for the future. Accenture has developed a high performance wealth management model that could be applied to help wealth managers get a clearer picture of their business’ health—where you are leading the market, where you are lagging behind the competition and a whole range of specific markers around clients, technology, governance, strategy and management. The model is continuously evolving, and I was struck by recent improvements to it that could make a difference to how you tackle today’s challenges.
Gaining an unbiased heat map of strengths and weaknesses could help you:
- Manage digital disruption: With financial institutions focused on their efficiency ratios, the benefits of digital technologies are being explored and exploited. For example, introducing artificial intelligence and robotics could reinvent the workforce of the future. Wealth managers need to plot a path to a more automated environment to better prepare for industry changes and move away from their traditional silo’ed approach to selling products and services.
- Embrace a client-centric and advisor-centric approach: Digital expands experiences so that wealth management can be not only client centric but also focused on the advisor experience. Using the high performance wealth management model, wealth advisors can see where digital is active, the likely impact on their business, and find out ways they can improve to enhance their relationships.
- Keep pace with the future investor: Managing future client demands means access to high quality advice in areas such as digital, mobile, client experience, client onboarding or operations, training and education. Recent updates to the high performance wealth management model add detailed key performance indicators and analytics that provide qualitative and quantitative assessment capabilities so you could get to the heart of what your future investor might need.
At the core of our practice we aim to help you get where you want more quickly and efficiently—and help you discover what investors are likely to need and be willing to pay for.
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