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.


TWM Swiss WealthTech Landscape Report 2022

22 November 2022

TWM Swiss WealthTech Landscape Report 2022

Is your firm well equipped to adapt to the growing trend of External Asset Managers? Across Europe, the rise of the EAM is a trend that couples huge potential gains but adds complexity for banks and wealth management firms. Without a CLM you could be missing out on a bridge to increased revenues and reduced costs.

3 min. read

10 years in the making  – Introducing our latest e-book, 10 Reasons to Choose Wealth Dynamix

10 October 2022

10 years in the making – Introducing our latest e-book, 10 Reasons to Choose Wealth Dynamix

Discover the ten-fold benefits of an end-to-end CLM solution built by wealth management experts with our latest e-book.

3 min. read

Outsourcing And Other Wealth Firms’ Challenges: The View From Two Players

29 September 2022

Outsourcing And Other Wealth Firms’ Challenges: The View From Two Players

Tom Burroughes, Group Editor for WealthBriefing recently interviewed Gary Linieres, our CEO & Co-founder about his views on outsourcing, the current requirements of firms and the benefits of change.

3 min. read

Sign up to our Newsletter

Client Onboarding