So, it’s settled: your parents’ wealth management firm just won’t do in today’s digital age. Last week, I looked at how the future of advisory services is transforming. This week, I’ll explain how firms can successfully make the transition.

On your mark

Before you jump feet first into transforming your client onboarding strategies, it’s important to consider the expectations of key groups involved in the process. Clients, for instance, expect their advisors to understand them on a personal level, offer products tailored to their specific needs and engage with them. Clients also expect a straightforward onboarding experience.

And advisors? Well, they expect to be able to provide that optimal experience their clients are after. They want the firms’ support when they need it and they want to spend less time on admin tasks and more time on selling. To help them be the social advisor, firms should leverage data to generate client insights. In return, firms expect advisors to provide accurate information about the client they are onboarding, which will help to reduce operational and compliance risks.

Get set

Read the report.
Read the report.

We see six key capabilities as central to a wealth management firm’s strategy for client onboarding:

  • Client/advisor experience. Understand the end experience to know whether you’ve had the intended effect on your clients and advisors.
  • Process. Do more than fix what’s broken. Enable key drivers of investments and improve the way work is done.
  • Organization. Put a plan in place for understanding who is doing what and how they should be equipped to do it.
  • Governance. Ensure that your governance is deliberate in its engagement model and investments.
  • Data. Understand the information and insights required to facilitate your vision—data can help.
  • Technology. Bring your strategy to life with this critical enabler.


Now it’s time to ask yourself: What is the firm’s vision? What is the firm’s current state for each of the six capabilities? Where is there an opportunity for investment to enhance the firm’s existing capabilities? The steps you take today to focus on integrated client onboarding will not only help you keep up with changes in a competitive wealth management environment, they’ll help you get ahead of the curve.

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