According to the 2019 WealthBriefing survey I cited in my 2020 predictions article, only twelve weeks ago, just 25% of firms had fully integrated systems that span the entire client lifecycle and 37% said they were stalled in the earliest stages of leveraging technology.
Given the COVID-19 situation we find ourselves in today, I wonder how these firms are faring? Especially given newly emerging challenges, like remote working.
Exceptional service is (and always has been) the pinnacle of wealth management success, and relationship managers are on the front line. Nothing has changed in that respect, yet many wealth managers have learnt three harsh (some may say obvious) lessons, in a very short space of time:
All these business-critical challenges must be addressed to ensure positive outcomes for both firms and clients. Wealth managers must revise their vision for the future, bringing it to life with a deep-rooted understanding of the complete client journey and an informed view of their expectations, through every phase of the client lifecycle. The new vision must map client journeys to a new comprehensive mode of operating, and be underpinned by technology that enables staff to get the job done. In creating the vision, it is important to visualise the desired endpoint, to avoid wasting effort and re-working the plan along the way.
To those who say “we don’t have time for planning while we are dealing with a crisis”, I would recommend addressing immediate challenges first, while at the same time ensuring new ways of working to deliver better experiences for your client. Video calling, for example, has been an immediate priority with most firms implementing solutions. For many firms, the question is “what next?” Compliant co-browsing, secure chat and automated transcription solutions are all possible, but the next technology investment should already be informed from understanding the optimal client journeys. Continuously examining how this new technology affects operations and client experience, will allow you to evolve and execute a better (journey mapped) vision for the future.
27 March 2023
Traditional Wealth Management firms and Private Banks may think that human service will confer a point of difference in time. However, they could be standing on a burning bridge. There are some very compelling reasons for adopting AI technology and automation within your service model, and in time, protecting profitability will likely force action.
3 min. read
23 March 2023
There may be many ways in which a wealth management business ensures the digital functionality of its hybrid model is compliant. In this article, we will focus on three features that should be embedded in the hybrid model solution to ensure greater compliance with regulatory requirements.
3 min. read
15 March 2023
A Hybrid Servicing model is central to the future of wealth management. Its growing popularity has been driven by a more digitally adept population, and a younger demographic of HNW and UHNW investors impacting the current benchmarks for client servicing and accessibility to financial data.
3 min. read
At Wealth Dynamix, we believe a hybrid client servicing model offers the optimal solution – it is efficient, effective, and can support compliance.