Accordingly, the Comarch offering looks to improve and strengthen the lot of the relationship manager by reducing the administration burden and by providing the digital means to remotely service a customer over a variety of channels and using a variety of methods.

The third component feeds into the ‘when and how’ and lies in the provision of the right information at the right time, using machine learning to identify client needs and providing a much more targeted, honed and relevant conversation; the ‘what’.

But the aim is not to replace the adviser and instead look to enhance the provision.

For many years the wealth management industry has been reliant on the provision of a bespoke service level that was based around human interaction. It was the ‘holy grail’ that could not be touched. But in recent years technology has given us the democratisation of wealth and allowed a more hybrid approach where different segments of the market give greater access to products and information using various robo-types of models.

What and when
But the real gift for the wealth management sector is that technology makes for a better adviser and accordingly, a better and more engaged relationship with the client. The hybrid here relates to the way that the technology supports the adviser rather than replaces a given function.

By using the technology to enrich the human interaction we keep the core of the wealth management service model but also update and enhance it.

Firstly, clients need to have better and more relevant information. Being able to provide timely and personalised content and insight builds trust and opens out the conversation. It’s about getting the right market insight or the right investment opportunity to the client and being able to discuss what to do next and be nimble, yet targeted, with the approach.

Using AI and machine learning technology to know who is likely to be interested in a given opportunity or what themes and causes people are interested in, tying that to a market event or a piece of news and honing the communication, makes for a much more ‘on the ball’ approach.

In turn this leads to a two-way discussion and much better level of client engagement. This approach can also be applied to the client acquisition process itself where knowing who to target and what their interests are will yield much better results for the business.

How
The second aspect to this is making the relationship better, not just because it is more relevant, but also because it can be delivered remotely and with lots of different channels and touchpoints.

This trend was already well underway within the industry but the impact of COVID-19 is that clients and advisers alike have learnt to communicate remotely - now that things are getting back to normal we want to help businesses work out where they need to enhance service, what to keep remote and how to provide the best possible service to each and every one of their clients.

Digital communications have changed both the way that the adviser and client communicate, and the frequency. Indeed, many clients, especially younger ones, want to check in more frequently with their relationship manager and be more involved in the day to day.

Being able to do this conveniently and remotely is a massive service enabler. A self-service element also comes into play here as clients become increasingly able and willing to do certain bits themselves.

Again, this is not about replacing the adviser, it is about the means to do something quickly and easily whilst keeping everyone in the loop. This is very relevant when it comes to the younger generation who are much more involved in their financial affairs and have much higher expectations about not being wholly reliant on their wealth management adviser.

We think that one really good example of how the communication can be targeted and its means honed is ESG. This is something that has come to the fore and wealth managers now need to provide an ESG overlay to portfolios as standard. The next generation in particular is very conscious about this.

But if a wealth manager can meet those expectations by identifying if there are any elements within ESG that a client likes and then feeding them that information then the engagement builds. And if the relationship manager is also available for a quick chat about something ESG related because the communications channels are in place then even better.

Time
Freeing up the relationship manager to focus on the ‘whats, when and hows’ comes back to automating the bits that can be automated. This is largely in the onboarding and compliance arenas. Here lots of manual work is yet to be automated and many relationship managers still find themselves having to input the same piece of data or information several times. Instead, the idea is to input the information once but use many times. This is not a new concept but it’s worth is really coming to the fore as advisers realise the benefits.

Indeed, it is an area that has been much discussed and now wealth managers are realising that they can safely and securely outsource this element more cheaply and effectively than they could ever do it in house.

Comarch’s aim is to free up the adviser to provide that better service. Automating what can be automated, providing the channels for communication and giving the means to provide better information makes for a better level or service and engagement but crucially, does not replace the adviser.

Ultimately if our technology can sit quietly in the background and allows the adviser and the relationship to flourish and shine, then we are happy.

Click here to access the full UK WealthTech Landscape Report 2020.