Done well, onboarding makes for better efficiency which in turn, drives profitability. The objective is to optimise the ‘right first-time’ rate across the onboarding process, thus avoiding rework.
Getting it right the first time means that staff do not waste their time chasing documents or rekeying information. This makes for operational efficiency in itself but also frees up the adviser to focus on the client relationship.
And while client onboarding is the most focused and concentrated sequence of interactions between a client and a wealth firm, it is not unique – the information inputted during the onboarding process is used across the entire client lifecycle.
Yet all too often the onboarding journey is treated in isolation – thus duplicating tasks, creating unnecessary risk, and wasting valuable time for the wealth manager and client alike.
Learn more about this topic by downloading our extract from the UK WealthTech Landscape Report and find out what should the onboarding journey look like – and how can technology help.
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Wealth Dynamix
Wealth Dynamix Team
Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.
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