Wealth Management:              Balancing scale, relevancy and the customer experience

In a highly competitive wealth landscape, it is essential that advisors stay relevant – and that means meeting your clients where they are. We look at key challenges for wealth advisors and showcase solutions that can help you scale your businesses and add tangible value in a dynamic industry.

• For advisors, staying relevant in a changing wealth industry is imperative.
• A client-centric approach is key, and this means delivering relevant, complete data and a personalised experience for each client. 
• Simple tools and solutions built on robust data can help boost efficiency and create relevant, next best actions for wealth advisors.

For advisors, staying relevant in a dynamic industry is essential – but how do you achieve this in a highly competitive, fast-paced environment?

The key is customer centricity – ensuring that you fully understand and meet customer needs and expectations at all times. 

The first challenge is ensuring access to complete, relevant and up-to-date data. You need to demonstrate up-to-the-minute knowledge of market developments and be able to offer clients a holistic view of their holdings. 

• LSEG research^[1] reveals that over two thirds of survey respondents (68%) agree that they value a holistic view of all their assets and liabilities, highlighting that this is an area where providers can add immediate value.

More than this, customers are not seeking a one-size-fits-all approach. Rather they desire personalised insights and efficient, timely responses from their advisors. They also want their advisors to be available when they need them – and real-world insights support this:

• Our research further reveals that 33% of respondents who use an advisor say that being available when they need them, particularly during difficult times, adds the greatest value to the client-advisor relationship. 

Let’s look more at two key areas where you can add immediate value:

The right data: 

Delivering the right data and insights to the right client at the right time is imperative – but data can quickly become a double-edged sword if not properly managed. With ever-increasing volumes of available data, it can be challenging to engage fully with multiple clients and deliver on-point advice at all times.  

Data needs to be relevant, complete and up to date. It also needs to be consolidated – with customer details, market information, news, in-house recommendations and other data sources linked – and must be delivered along with value-added insights.  

A personal touch: 

In addition, it is imperative to personalise this data and ensure that it is relevant and actionable for each individual client. 

Advisors appear to be well-aware of this, with 61% of wealth managers saying they view analytics and creating personalised insights from data for clients as very important for their firms^[2] .

The key is to use simple, cost-effective solutions, empowering you to be more productive – and ensuring that you can add tangible value to client relationships. 

Building advisor-focused workflow capabilities that empowers advisors in the evolving wealth industry today, can only be done by working with actual advisors in an agile process. This gives a better understanding of the challenges they face and helps bring relevant solutions to market faster.

• Tools to improve your efficiency and productivity through effective and relevant content discoverability. This means that you can respond to clients more quickly and offer more targeted advice. 
• Contextualised market activity that allows you to visualise the impact of developments on your practice and your clients.
• Value-added insights and information to help you consistently generate personalised investment ideas for your clients.
• Triggers to prompt your next advisor action – for example, allocating incoming funds or managing upcoming dividend payouts.
• The data and tools you need to do what you do best: deliver an engaging customer experience and build valuable, long-term relationships.