Hybrid Servicing in Wealth Management

Embracing hybrid servicing could be the key to fortifying
your wealth management firm


At Wealth Dynamix, we see our wealth management solutions as an enabler for greater client engagement, more efficient ways of doing business and increased profitability.

Today’s wealth managers and private bankers need to strike the right balance between the personalised human engagement traditional of the industry, and the on-demand availability expected by so many modern consumers. By offering a mix of human interactions and digital self-service tools, hybrid servicing models enable firms to provide their clients with the type of experience they expect, whilst driving a level of efficiency that allows them to offer their services at a highly-attractive price point.

3 reasons why a hybrid model could offer the optimal solution

There are some compelling reasons for adopting digital self-service tools and for underpinning those tools with increased processed automation yet, in time, it is simply the need to protect profitability that will force action. 

Firms will need to embrace new technologies and evolve their service models in order to keep their existing customers, attract new customers and reduce their cost base. 

Hybrid Servicing Model

1. The clients of today (and tomorrow) want more for less 
High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs) continue to demand high-touch, tailored engagement and they want it on demand. At the same time, regulatory pressures and rising staff salaries are increasing cost pressures and eroding margins. Unlimited human advice and human centric engagement to any and all ongoing customer servicing requirements is simply not a sustainable model.

2. More customers, fewer advisers
The number of HNWIs and UHNWIs across the globe is growing – against a backdrop of declining pool of adviser talent, as existing adviser retire and the number of new entrants slows. Effectively servicing these clients at a competitive price point is becoming increasingly challenging unless technology is used to support large portions of client servicing without the need for human engagement, or, even where human engagement is required, to at least use technology to drive greater efficiency in servicing.

3. Human advice will remain an essential element 
As technology advances, many are questioning the role of the human adviser. Within some spaces, this may be a valid question. Yet, within wealth management and private banking, to remove the human altogether is to remove an essential part of what differentiates these industries from say, retail or premier banking. Hybrid models, rather than complete automation or ‘robo’ models, offer a ‘best of both worlds’ approach for wealth managers and private banks – the use of technology drive greater efficiency, consistency and availability of service, without altogether losing the high-touch human quality of that service.

Will hybrid servicing provide the key to fortifying the future for wealth managers?

Robo financial advisers, self-service, hybrid servicing and omnichannel banking are all trends on the rise. These new models can be seen as threating, but they equally represent an opportunity for more innovative wealth managers and private banks who are willing to embrace change.

We believe hybrid servicing offers to do just this. To evolve the private banking and wealth management service offering and to deliver a differentiated, cost-effective service proposition that ensures retention of existing clients and helps the firm to attract and engage with the next generation.

For a comprehensive review of service models, and the business and compliance benefits of moving to a hybrid servicing model, download our
e-book today and arm yourself with the tools to be able to tackle the future with renewed confidence.  

e-Book: How Hybrid Servicing
Can Transform Your Wealth Management firm

An e-book for wealth management firms and private banks looking to engage the next generation of investor.

Wealth Dynamix Hybrid Servicing ebook thumbnail

Key benefits of a hybrid service model

The ability to scale quickly and profitably 
By leveraging self-service onboarding technology integrated to an an underlying onboarding orchestration solution, firms can onboard new clients more rapidly and with less friction. Embedded bot-driven and human interaction ensure that whilst there is an emphasis on self-service and automation, a human is never beyond reach and the quality of service is never compromised. 

Improved compliance
Hybrid service models can enable firms to offer a more compliant solution where self-service tools are integrated or driven by solutions with embedded regulatory and best practice rule sets. Financial advisors and other members of client servicing teams can face a wide range of
day-to-day customer requests – payment requests, changes to customer account structuring, changes of address and much more. 
Whether these requests initiate a comparatively simple or more complex process, a self-service solution integrated to underlying operation workflows, business rules and regulatory rule sets ensures ongoing servicing activities are undertaken in a consistent and compliant fashion.

Added flexibility and visibility for the client and adviser 
Omnichannel delivery platforms provide an additional layer of flexibility and choice for clients. These platforms allow clients to access their account information, complete day-to-day requests and transact using a variety of channels, including online, mobile, and in-person.  

Reduced operational costs 
The downward pressure of margins means wealth management firms are keen to identify ways to minimise internal costs across the business. 
A client portal and a hybrid servicing strategy combine to deliver efficiencies across a number of business areas.

Increased assets per adviser
Finally, by using technology to improve front office productivity, firms can increase AUM per adviser, resulting in higher profitability. 

In association with:

Wealth Dynamix's AltFi platform, featuring a chart displaying investment portfolio performance and analysis


Is 'Hybrid Servicing' The Next Big Thing In WealthTech?

The complex world of HNW and UHNW wealth management is embracing a new model of supporting its customers.
By augmenting human interactions with a more personalised self-serve model, wealth managers are embracing a more innovative and efficient proposition.
But this change isn’t without resistance.

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