Focusing on data collection during the prospecting stage can have a positive effect on advisers as it sets the foundations for the client’s onboarding and lifecycle. With accessible and easily interpretable data, advisers are empowered to make a good first impression – which encourages prospects. Indeed, many firms are still wrestling to identify the data they need and make collection methodologies consistent enough, so using digital tools to facilitate this can keep advisers ahead of the curve.
Aside from improving client engagement, data insights can also facilitate the logging of information according to the Consumer Duty Act’s requirements. This write-up also looks at the benefits and challenges of AI and the ethics of data mining.
When further discussing client engagement, some of the participants also mentioned how digital technologies could help provide more accessible communications and automation, while still allowing for deeper client-adviser relationships, allowing advisers to focus on efficient and detailed questioning and logging responses.
AI was also considered by participants, as it can be a powerful tool, but in the end, most agreed its use, mainly for data mining, should be up to the client. While some may be enthusiastic about using digital tools to receive a better, more personalised, service, others will remain sceptical. So, participants advised others to establish a set of ground rules and etiquette.
If you want to participate in the next Adviser event or be part of the upcoming WealthTech Matters events, you can access Owen James’ event calendar here.
About WealthTech Matters
Owen James and The Wealth Mosaic have collaborated to create a series of triannual events for key decision-makers from the private wealth industry.
Technology is core to the future wealth management model, but in an increasingly specialist technology environment, wealth managers must engage with a deeper knowledge and understanding of what technology is available and can deliver across the three main areas of their business: their clients, their advisers and staff and their business processes.
WealthTech Matters focuses on these three themes to help delegates discover and discuss the technology solutions that will solve the key challenges facing their business.
About Owen James
Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals todiscuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.
Find out more at www.owenjamesevents.com
