In the world of Wealth and Asset Management, the term ‘white glove service’ has long been synonymous with the goal of delivering exceptional customer service to investors. What does it mean in today’s digital age, and how are client expectations evolving? According to EY, 50% of clients who have recently received or are expecting a large wealth transfer have moved their assets to a new provider in the past three years. It’s not just the metrics, such as assets under management, that will attract new investors. Wealth is transferring to younger generations with tech-savvy habits, and the competition for high-net-worth individuals is fierce.
Getting the first interactions right
Organisations that apply technology in ways that help them exceed customer expectations will be best placed for growth. Client onboarding is the first step in delivering excellent service, and doing it quickly, efficiently and accurately sets the tone for the rest of a relationship. Clients are typically onboarded because they want to make a specific investment or trade. Key compliance processes such as KYC and AML must be completed before the client’s instruction can be actioned. Here’s where a forward-thinking approach becomes critical.
- Connecting the Entire Client Lifecycle: To remain competitive, it is crucial to have a platform that connects the entire client journey so that dependencies are automated, saving time and reducing human error. Advisors, Mid/Back Office, and Clients gain a complete view of the activity
- A Single Dashboard View: Making it easier to track customer status and progress, quickly identify any issues, e.g. compliance checks
- Automate as Much as Possible: Make processes efficient while preserving the human touch, minimising the time it takes to execute instructions and reducing the need for manual intervention
- Provide Greater Transparency to Clients: In 2024, people expect a digital experience and 24/7 status updates
This frees advisors to focus on complex client needs, delivering personalised guidance and insights that high-net-worth individuals truly value.
At Insight 2 Value, we work closely with Wealth and Asset Managers to integrate their existing technologies and deliver workflow and automation solutions that help them deliver seamless service to clients and offer greater process transparency.
I hope this blog has sparked some ideas and reflections for you. What is your perspective on Next-Gen Wealth Management?
