TWM Articles from Ortec Finance

Client engagement - methods and the supporting role of technology

Highlights from the second section of our latest WealthTech Insights whitepaper

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by Ortec Finance
| 15/02/2024 12:30:00

Our latest whitepaper, “The quest to become the best – becoming the trusted wealth coach and adviser”, is a part of our WealthTech Insight Series (WTIS) and was developed in partnership with Ortec Finance. The paper focused on identifying the role of technology in supercharging the adviser’s capabilities and becoming the client’s trusted wealth coach.

This article summarises the second section of the research, highlighting the importance of client engagement and the supporting role of digital tools and personalised communications.

Key points:

  • Retention and business growth are the ideal result of a more engaged client.
  • Industry surveys, peer-group analyses, and pulse surveys can all test sentiment.
  • Networking events, where third-party experts such as lawyers, accountants, and clients’ own
  • contacts are invited, are popular methods of encouraging engagement.
  • Sending relevant and timely information to clients was important, as was not bombarding them with too much information.
  • An engagement strategy tailored to each client is desirable and sensible – tooling to support these targeted communications is key.
  • A robust customer relationship management (CRM) system is an important tool to capture and keep the client’s attention, allowing the adviser to build on the relationship.
  • All technology solutions need to work towards the delivery of a smooth customer journey, rich functionality, and a good user experience (UX).

Interested in reading the research? You can read and download the whitepaper here.

The second section of our white paper found that retention, assets under management (AUM), and business growth are strongly linked to client engagement, retention, and upping the share of wallet.

One participant explained: “Our primary focus is to get good engagement, build deeper relationships with clients to turn them into advocates, and increase our Net Promoter Score (NPS).”

Third-party networking events were a valued way of engaging clients and introducing them to the wealth manager’s broader capacities and capabilities. Indeed, these events are also seen a good way of gauging clients’ confidence and trust in their manager. However, since Covid-19, digital engagement methods have also become more popular, and managers rely more on platforms like LinkedIn to engage clients too.

Participants commented on the need to be mindful to not overwhelm clients: “Appropriateness is a consideration because if you contact someone too much, you cross boundaries – even if the communication is beautifully crafted and personalised.”

Participants also highlighted other essential tools to allow the adviser to easily and effectively engage with clients, such as CRM systems to capture and keep the client’s attention, or functional user interfaces and the provision of an improved UX.

Interested in reading the research? You can read and download the whitepaper here.

About the WealthTech Insight Series
This research is part of our WealthTech Insight Series (WTIS), an ongoing and developing research process mixing online surveys and interviews. It focuses exclusively on technology in the wealth management sector across the world. Rather than a one-off research process, the WTIS will seek to build an ongoing research programme among wealth managers of different types worldwide on a broad range of technology and related topics. The aim is to build up an aggregated knowledge base of qualitative views and perspectives and quantitative data points.

Research partner
Ortec Finance is a leading global provider of technology and solutions for risk and return management, enabling wealth managers and banks to manage their clients’ investment decisions. It models and maps the relevant uncertainties to help them monitor clients’ goals and decisions.

Founded by leading experts in the fields of econometrics and technology, we have, in over 40 years, achieved an outstanding reputation built on reliability. With over 500 clients in over 20 countries, it plays a vital role in helping our clients improve investment decision-making and manage uncertainty. Headquartered in Rotterdam, The Netherlands, the firm also has offices in Amsterdam, London, Melbourne, New York, Toronto, and Zurich.

More information is available here.