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.
Download the Wealth Dynamix extract now.
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Embracing new technologies to deliver hybrid servicing and create a highly differentiated, cost-effective service proposition for existing and future clients could be the key to fortifying your Wealth Management firm and engaging with the next generation of investors.
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10 January 2023
At Wealth Dynamix, we’re busting the myths surrounding modern-day Client Lifecycle Management to help guide the way.
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