Making time to deliver value-added client service in wealth management

Client service spans a broad spectrum of activities, from simple address changes to portfolio re-planning. A relationship manager’s intellectual capital is best spent on service that adds discernible value and builds trust.

Manual processes relegate high-priced advisors from investment management experts to paper-pushing administrators. Their situation isn’t helped by poorly connected technology infrastructures and data silos that take time to access and hinder analysis.

By following this three-step process you can increase the frequency, quality and relevance of client interactions, which promotes transparency and boosts trust.

Step 1 – Create more time.

When more than 20% of a relationship manager’s time is spent on administration, there is an opportunity to free more time for more value-added endeavours, according to Capgemini research.

When repetitive manual tasks are automated the majority of a relationship manager’s administration time is eliminated. Time savings are maximised when self-service portals, which allow clients to request routine changes (e.g. address or beneficiary) or enter compliance data directly, are deployed in parallel.

However, the greatest time savings are made when digitising and automating Client Lifecycle Management (CLM) processes end-to-end. As much as 50% of a relationship manager’s time can be saved and redeployed when digital workflows, intelligent automation and analytics are applied. Client meeting packs are prepared in minutes or hours, not days, and data-driven sentiment analysis enables relationship managers to be well prepared, in advance.

“When more than 20% of a relationship manager’s time is spent on administration, there is an opportunity to free more time for more value-added endeavours”

Further time savings relate to compliance administration, complex onboarding processes and providing relationship managers with a single client view, via one login. Also a big time-saver is the use of intelligent automation to automatically alert relationship managers to next best recommendations. Instead of conducting the analysis yourself, the technology does the legwork for you.

Step 2 – Know what constitutes value.

Natural spinoffs from Step 1 are reduced friction and increased convenience, at every stage of the client lifecycle. For the majority of clients and relationship managers these bring immense value in themselves, and cost savings for your firm can be substantial.

CLM technology that orchestrates end-to-end processes and enables a ‘capture once, use many’ approach to data management also equips you to reduce risk and grow AuM. For example, sales and marketing teams can focus on segmentation and communicating with clients via their channels of choice, with messaging that resonates, to improve campaign conversion. And compliance data captured during onboarding can be used to inform next best actions.

For relationship managers, having more time means they can better serve high-touch clients and address best interest questions, like: “Is this investment appropriate for my client?” While technology can now automate much of the suitability legwork, relationship managers remain accountable for ensuring that products offered are aligned with an investors’ objectives, other investments, tax status, time horizon, liquidity needs and risk tolerance. By understanding each client’s affairs in depth, having more time to operate proactively and transparently, and expressing empathy, trust will evolve.

Step 3: Execute with excellence and efficiency.

It can take months or years to build trust, but just one fatal act to ruin it. CLM automation is a huge step forwards in building a more effective and productive operating model. In turn, this will boost client confidence and trust.

To preserve trust over time you must deliver on your promises – do what you say you will, on time. With so many plates spinning, prioritisation is one of the most challenging aspects. If any fall to the ground a highly-profitable client could be lost.

Digitised CLM delivers tailored feeds to each relationship manager, direct to their own dashboard: tasks you must complete, notifications, client requests requiring a response, upcoming appointments and in-life reviews that need scheduling. You can see in an
instant any overdue activities, or those due soon, so you can prioritise accordingly.

To increase the value of your client service, relationship managers need more time and actionable insights so they can act fast, appropriately and on time, to foster trusted client relationships. A technology-based, digital approach to CLM automation is the only
way forwards.

This article is an extract from our e-book 6 ways wealth managers can convert interactions into trusted client relationships. Download the full e-book via the button below.


Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.


Scaling Profitably in Asian Wealth Management: Challenges, Strategies and Solutions

18 September 2023

Scaling Profitably in Asian Wealth Management: Challenges, Strategies and Solutions

At the recent WealthTech Live event by The Wealth Mosaic in Singapore, Darell Miller, Managing Director – APAC, at Wealth Dynamix, talked about the need to scale profitably without costs becoming unmanageable.

5 min. read

Three strategies to attract new clients in wealth management

13 September 2023

Three strategies to attract new clients in wealth management

What’s driving people away from traditional wealth managers towards digital-first firms? Industry experts offer their strategic solutions.

10 min. read

The Fundamentals of Hybrid Servicing and its Role in Managing the Next Generation of Investor

29 August 2023

The Fundamentals of Hybrid Servicing and its Role in Managing the Next Generation of Investor

Catering for the needs and preferences of the next generation who are seeking ready access to advice and their portfolio via a seamless experience will necessitate the support of technology.

3 min. read

Sign up to our Newsletter

Client Onboarding