![]() ![]() ![]() The personal touch that many wealth management firms pride themselves on is still important, but digitalization has created new client expectations-and new ways of satisfying them. What can we learn from Alex’s two journeys? First, factors such as advisor availability, easy digital access to information, autonomy, and personalized interactions are the new terms of the competition and must be executed effectively to build client loyalty. The attention to individual needs at critical parts of the journey inspires Alex to explore a deeper relationship. When Alex needs help, a phone call is quickly arranged to guide her journey. The goodwill from that experience is coupled with data driven insights to help create personalized cross-selling opportunities. That sense of autonomy fuels a more positive client experience. The firm’s technology empowers Alex to complete the onboarding process digitally with how-to tutorials, self-service capabilities and investor education programs. Importantly, it has enhanced drivers at stages in the lifecycle where they can have the greatest impact-something that is reflected in the quality of the experience. Eventually, she decides to end the relationship.įirm B is further along in its transformation to client centricity. The firm’s lack of digital and data capabilities, and its reliance on legacy systems and manual processes, limit its ability to deliver the seamless, personalized experiences that Alex gets in her other digital journeys. Alex must visit a physical branch to resolve an onboarding problem, while in the servicing stage she can’t make investments with her mobile device. It understands conceptually the importance of client centricity, but the approach is not well-developed or supported, leading to a subpar client experience. Below, we explore how the intersection of those drivers and lifecycle stages plays out through the eyes of a hypothetical Gen Z client.įirm A represents many wealth management firms today. Investing in drivers at the place in the client journey where they can best influence the overall experience is critical to winning clients and earning their loyalty. For example, a diverse menu of products can help win clients in the acquisition stage but doesn’t matter much when they are onboarding. Doing those things right requires enabling digital technologies and data capabilities, and a strategy and culture that put the client’s interests first.Īdding to the complexity, the importance of individual drivers can vary depending on the stage of the client lifecycle. The key drivers of an effective client-centric strategy today include personalization, availability, trust and credibility, diverse offerings and autonomy. Traditional wealth management firms are familiar with prioritizing client needs, but digitalization is changing the rules of the game quickly. These are the terms of the competition in a digital world. Many like managing their own financial affairs and want wealth management firms to empower them with self-service capabilities, diverse investment options-and personalized advice when needed. This is especially the case when pursuing Gen Z clients who have grown up in a connected environment and expect the same personalized, seamless and technology-driven experiences they get elsewhere in their digital lives.Īs digital natives, young adults entering their prime investment years expect digital solutions, instant gratification and authentic engagements. The digital revolution is rapidly changing what clients expect from wealth management firms, forcing growth-minded institutions to embrace a new, more client-centric playbook to compete. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |