Today’s wealth management professionals are increasingly looking to get more out of their data.
Coupled with the need to onboard clients efficiently while often dealing with complex integration environments and differing technology, wealth managers are looking to data-driven insights like never before.  As the financial landscape becomes more complex and clients' expectations evolve, the integration of these insights and automation capabilities has become essential. This transformation enables wealth managers to enhance client experiences by providing more accurate, timely, and personalised services, all facilitated through the consolidation of information and advanced technologies like AI.

The growing importance of data-driven insights
Data-driven insights are increasingly crucial in the wealth management industry. Clients now expect their wealth managers to provide not only expert advice, but also data-backed strategies that can readily adapt to market changes and personal circumstances. By leveraging big data and advanced analytics, wealth managers can gain deeper insights into market trends, investment opportunities, and risk factors, gaining valuable information to share with their clients, to deliver more relevant and personalised advice, and of course, a better CX.

• Enhanced decision-making
  Access to real-time data allows wealth managers to make more informed decisions. They can analyse historical performance, forecast future trends, and identify potential risks, leading to more effective portfolio management. For instance, using predictive analytics, wealth managers can anticipate market shifts and adjust investment strategies proactively, thereby protecting client wealth and maximising returns. It can also ensure wealth managers know which clients they need to focus on serving more and how many client service requests are coming in. 

• Client segmentation
  Data analytics enable wealth managers to segment their clients more effectively based on various criteria such as wealth levels, investment goals, risk tolerance, and life stages. This segmentation allows for more targeted and relevant service offerings, enhancing the overall client experience.

Consolidation of information
Having all client information in one place is paramount for delivering a seamless and efficient client experience. Wealth managers often deal with a plethora of data sources, from financial statements and transaction histories to personal client preferences and market data. Consolidating this information into a single, integrated platform can significantly improve service delivery. A Customer Relationship Management system, like Salesforce, can be a particularly effective tool here, especially as clients expect a modern digital interface that can be customised to their unique needs.

• Unified client view
  A centralised system provides a 360-degree view of the client’s financial situation. This holistic perspective is essential for understanding the complete picture of a client's assets, liabilities, income, and expenses. It enables wealth managers to offer more comprehensive and customised advice, addressing all aspects of the client's financial life.

• Efficiency and accuracy
  Consolidation reduces the risk of errors that can occur when data is fragmented across multiple systems. It also streamlines workflows, making it easier for wealth managers to access the information they need quickly. This efficiency not only saves time but also enhances the accuracy of financial planning and reporting.

Automation capabilities through AI
Artificial intelligence and automation are revolutionising the wealth management industry by automating routine tasks, providing advanced analytics, and enabling personalised client interactions. These capabilities are driving efficiencies and cost-savings to enable wealth managers to focus more on strategic activities and client relationships.

• Automated portfolio management
  AI-driven algorithms can manage investment portfolios by continuously monitoring market conditions and adjusting asset allocations to optimise performance. These robo-advisers can perform tasks such as rebalancing portfolios, tax-loss harvesting, and even executing trades, ensuring that portfolios remain aligned with clients' goals and risk profiles.

• Client interaction and support
  AI-powered chatbots and virtual assistants can handle a range of client inquiries, from answering basic questions to providing updates on account balances and transaction statuses. These tools are available 24/7, offering clients timely support and freeing up wealth managers to handle more complex issues. Machine learning can also help automate routine tasks like Periodic Review bookings, making product recommendations and delivering the most relevant and concise response to customer requests.

• Predictive analytics
  AI can analyse vast amounts of data to identify patterns and trends that may not be apparent to human analysts. AI capabilities that are baked into a CRM like Salesforce can monitor client transactions and valuations, identify potential assets at risk and make recommendations on how to remediate, enabling proactive management and timely interventions.

Personalisation in the client journey
Personalisation is key to creating exceptional client experiences in wealth management. Clients expect services that are tailored to their unique circumstances and preferences. Personalisation fosters trust and loyalty, critical in the wealth management sector.

• Customised financial plans
  By leveraging data analytics and AI, wealth managers can create highly personalised financial plans that reflect each client's goals, risk tolerance, and time horizons. This level of customisation ensures clients receive advice and strategies that are specifically suited to their needs.

• Behavioural insights
  Advanced analytics can provide insights into client behaviour and preference. For example, understanding a client's spending patterns, saving habits, and investment preferences allows wealth managers to offer more relevant and timely advice. This insight can also help identify when clients might need additional support or new services.

• Dynamic adjustments
  Personalisation is not a one-time event but an ongoing process. Clients' circumstances and goals evolve over time, and their financial plans should reflect these changes. AI and data analytics enable continuous monitoring and adjustment of strategies to ensure that clients remain on track to achieve their objectives.

Integrating technology into client experiences
The integration of data-driven insights, consolidated information systems, AI, and personalisation capabilities transforms the client experience in wealth management. It requires a strategic approach to technology adoption and a commitment to leveraging these tools to their fullest potential.

• Technology platforms
  Modern wealth management platforms should integrate various data sources and analytical tools into a unified system, but legacy platforms can lead to constant re-keying. Selecting a system with market-leading APIs can help platforms function as they should and provide wealth managers with comprehensive dashboards and reporting tools, making it easier to access and analyse client information, drawing insights like which campaigns are most productive and allowing clients to self-serve their own analytics.

• Data security
  As wealth managers handle sensitive client information, ensuring data security and privacy is paramount. Advanced encryption, secure access controls, and compliance with regulatory standards are essential to protect client data and maintain trust.

• Onboarding
  Onboarding clients should be a streamlined and seamless process, but legacy systems can sometimes get in the way of delivering a consistent experience. By leveraging the power of data-driven insights and AI, wealth managers can make onboarding more detailed, efficient and more enjoyable for clients. This ensures they can track where they are at with onboarding clients and how effectively and timely they are handling client service requests.

Conclusion
Wealth management professionals face increasing client expectations and data complexity, necessitating a shift to data-driven practices. The integration of data-driven insights and automation is essential, allowing wealth managers to deliver accurate, timely, and personalised services.

Utilising big data and advanced analytics enhances decision-making, client segmentation, and portfolio management. Consolidation of client information into unified systems, such as CRM platforms, ensures efficiency and accuracy in service delivery. AI and automation streamline routine tasks, provide advanced analytics, and personalise client interactions, fostering trust and loyalty. 

This technological integration transforms client experiences, emphasising the importance of strategic technology adoption, data security, and continuous training for wealth managers. By leveraging these capabilities, wealth managers can gain a competitive advantage, increase revenue, and provide better experiences to their customers.

Interested in accessing the Client Experience Toolkit 2024? You can read the report online here.

ABOUT FUTUREFORM
Futureform is a financial services focused Salesforce consultancy dedicated to clients in wealth and asset management as well as private equity and insurance. Whether you’re a relationship manager, operations or wealth management executive, we help you maximise the power of Salesforce, providing you with a single place to view all your client information. We can help you bring a consistent approach to your adviser onboarding, simplify interactions with real-time data through the creation of a client portal and enable real-time valuation and financial account performance monitoring. 

For more information, visit Futureform’s profile here.

ABOUT THE CLIENT EXPERIENCE TOOLKIT 2024 
The Client Experience Toolkit 2024 is the first in a new series of Toolkit reports focused on key technology themes and tools impacting global wealth management. Each Toolkit report focuses on a key wealth management theme, segment or geography.

This first issue takes the form of a thematic report and shines a light on the trends and solutions influencing the successful delivery of client experience (CX) in wealth management. It features 11 showcases, each centred around a dedicated CX-relevant topic and related solution. 

The report will be distributed at the Client Experience Toolkit Roadshow, hosted at individual events in Geneva, Zurich, London, Singapore and Dubai in late September and into October. These are free to attend for any form of wealth manager and provide technology vendors an opportunity to sponsor or demo.

Join us at the Client Experience Toolkit Roadshow 2024: 

• Geneva – discover more and register here.
• Zurich – discover more and register here.
• London – discover more and register here.
• Singapore – discover more and register here.
• Dubai – discover more and register here.