Ronan Leonard
Today’s clients expect to have a more curated, hyper-personalised experience when engaging with their wealth management portal. Often, clunky and outdated wealth management portals are not able to deliver those, and so client engagement suffers. Using tools such as widgets, mobile-centred user experiences, more actionable analytics at the company and portfolio level and automated short-form videos, wealth management firms have the opportunity to rapidly accelerate their digital transformation, boosting client engagement, revenues and growth. This insight examines:
- To be competitive, wealth management firms need to implement a more curated, hyper-personalised experience in their client portals, as investors expect an environment like those on TikTok, Snapchat, Spotify and others
- Implementing intuitive information displays – like dynamic widgets – alongside designed-for-mobile experiences, short-form videos and sophisticated analytics can significantly boost client engagement
- Working with a partner that has deep experience and ready-for-market tools for increasing digital client engagement transformation can deliver results faster and at a lower cost than in-house development
Boosting engagement with wealth management clients via digital platforms has never been more vital for firms – and more challenging. Research shows that two thirds (68%) of investors expect their digital experiences to match those of leading technology companies.[1] Investors are used to the online experiences created by TikTok, Snapchat, Spotify, and more. So, even if a wealth management firm’s data and thought leadership are high quality, if it is delivered via a clunky, outdated online experience, the firm will fail to compete effectively – particularly against digital-native firms.
Indeed, many wealth management firms recognise that they need significant digital transformation in their online presence to both engage existing clients and to capture new ones. However, many firms lack the agility internally to create engaging online experiences. Developing a website from the ground up, which builds in digital best practices, can consume significant resources and result in a lengthy time-to-market. Working with an experienced, trusted partner for client portals can accelerate wealth management digital transformation, enabling firms to boost revenues and competitiveness quickly.
Four engagement boosts
There are several ways to increase engagement – four key ways that wealth management firms are doing this today via their digital platforms are:
- Intuitive information displays – Some 35% of millennials and 34% of those aged 35 to 54 consider a wealth manager’s digital capabilities when choosing a provider. So, having an attractive, intuitive UI is essential. Deploying widgets designed to look and behave like other retail experiences that clients have – simplifying financial jargon and metrics – enables them to get the most out of the portal. Ready-to-use widgets speeds implementation of these best practices for firms, while using fewer internal resources.
- Mobile-centred user experience – Often, mobile websites are simply cut-down, clunky versions of the desktop website. With 46% of investors using mobile apps to access their account information – and 76% of millennials – wealth managers need to raise their engagement game.[2] A mobile application should be designed natively for use on phones or mobile devices with a clean and intuitive workflow. For example, it could suggest new investment ideas based on the user’s existing interests, in the way Spotify suggests fresh songs.
- Investment information by video – TikTok and Snapchat have revolutionised the way people consume online content – videos will account for a massive 82% of all consumer internet traffic by 2025.[3] Short form videos that summarise key points of research reports, or which highlight trends in specific securities, have the potential to boost client engagement with the firm’s research content, potentially growing sales.
- Sophisticated analytics – Today’s clients want to be able to run their own portfolio-level analytics, to help them manage their money more effectively. In fact, 60% of investors want their providers to supply better digital tools so that they can manage their investments directly.[4] So, firms need to consider providing sophisticated analytics in their client portals.
Each of these approaches helps make the high-quality content that firms produce stickier, improving the ability of content to translate into increased client activity. These approaches also deliver the data that clients feel they need to support their decision-making, increasing trust in their wealth management firm relationship.
Making engagement happen
Today’s clients expect a more curated, hyper-personalised experience. With LSEG’s range of innovative digital solutions, wealth management firms can significantly enhance client engagement online. For example, firms can:
- Deploy wealth management widgets – Client portals are transformed rapidly with widgets – dramatically speeding time-to-market and reducing implementation costs. Widgets deliver content, data and workflow through attractive and intuitive functionality – for example, sentiment data on a security. Available as white-labelled, stand-alone components, the widgets are embedded into firms’ existing portals or through LSEG’s hosted pages.
- Implement a mobile-first portal – LSEG supports mobile portal transformation with either “turn-key” or customised options. Wealth management clients benefit from a user experience designed for mobiles. For example, it can suggest a new security to a user in the way that music sites offer up fresh songs. Thanks to LSEG’s data resources – including news, and expertise – a new mobile portal can be ready for market quickly.
- Visualise data with videos – LSEG Data Visualiser uses artificial intelligence to turn data and content into compelling short-form videos. For example, the videos are used to rapidly communicate pricing movements or economic data to clients, and to boost engagement with longer written reports. Firms can produce videos quickly, and at a lower cost compared with traditional editing processes.
- Offer portfolio-level analytics – Providing sophisticated analytics can enable clients to craft personalised investment strategies, assess the risk in their holdings, generate predictive insights, and more. These analytics are fuelled by high quality data and advanced algorithms.
With LSEG, wealth management firms can rapidly bring to market fresh user experiences that enhance engagement – delivering increased revenues, improved competitive positioning, and growth potential.
Legal Disclaimer
Republication or redistribution of LSE Group content is prohibited without our prior written consent.
The content of this publication is for informational purposes only and has no legal effect, does not form part of any contract, does not, and does not seek to constitute advice of any nature and no reliance should be placed upon statements contained herein. Whilst reasonable efforts have been taken to ensure that the contents of this publication are accurate and reliable, LSE Group does not guarantee that this document is free from errors or omissions; therefore, you may not rely upon the content of this document under any circumstances and you should seek your own independent legal, investment, tax and other advice. Neither We nor our affiliates shall be liable for any errors, inaccuracies or delays in the publication or any other content, or for any actions taken by you in reliance thereon.
Copyright © 2024 London Stock Exchange Group. All rights reserved.
The content of this publication is provided by London Stock Exchange Group plc, its applicable group undertakings and/or its affiliates or licensors (the “LSE Group” or “We”) exclusively.
Neither We nor our affiliates guarantee the accuracy of or endorse the views or opinions given by any third party content provider, advertiser, sponsor or other user. We may link to, reference, or promote websites, applications and/or services from third parties. You agree that We are not responsible for, and do not control such non-LSE Group websites, applications or services.
The content of this publication is for informational purposes only. All information and data contained in this publication is obtained by LSE Group from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data are provided "as is" without warranty of any kind. You understand and agree that this publication does not, and does not seek to, constitute advice of any nature. You may not rely upon the content of this document under any circumstances and should seek your own independent legal, tax or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither We nor our affiliates shall be liable for any errors, inaccuracies or delays in the publication or any other content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the publication and its content is at your sole risk.
To the fullest extent permitted by applicable law, LSE Group, expressly disclaims any representation or warranties, express or implied, including, without limitation, any representations or warranties of performance, merchantability, fitness for a particular purpose, accuracy, completeness, reliability and non-infringement. LSE Group, its subsidiaries, its affiliates and their respective shareholders, directors, officers employees, agents, advertisers, content providers and licensors (collectively referred to as the “LSE Group Parties”) disclaim all responsibility for any loss, liability or damage of any kind resulting from or related to access, use or the unavailability of the publication (or any part of it); and none of the LSE Group Parties will be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, howsoever arising, even if any member of the LSE Group Parties are advised in advance of the possibility of such damages or could have foreseen any such damages arising or resulting from the use of, or inability to use, the information contained in the publication. For the avoidance of doubt, the LSE Group Parties shall have no liability for any losses, claims, demands, actions, proceedings, damages, costs or expenses arising out of, or in any way connected with, the information contained in this document.
LSE Group is the owner of various intellectual property rights ("IPR”), including but not limited to, numerous trademarks that are used to identify, advertise, and promote LSE Group products, services and activities. Nothing contained herein should be construed as granting any licence or right to use any of the trademarks or any other LSE Group IPR for any purpose whatsoever without the written permission or applicable licence terms.
