We are pleased to announce the publication of the Client Experience Toolkit 2024, 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 industry 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.
Interested in reading the Client Experience Toolkit 2024? You can access the report online here. Alternatively, below is a summary of the key sections of the report.
REPORT AT A GLANCE
Theme in focus - Client Experience (CX)
The wealth management sector’s clients are changing. Heightened expectations, new segments, different needs, greater focus on technology, diverse market propositions, and a technology-enabled client experience are must-haves for today’s client-relevant wealth management business. This report and its supporting roadshow events in Geneva, Zurich, London, Singapore and Dubai throughout September and October will further explore the topic of CX, highlighting its relevance and detailing technologies available in the vendor marketplace to elevate the client experience.
Scene Setter - Data Insights
For any wealth management firm, and any technology vendor offering a service to the sector, the needs and expectations of the end client remain paramount. The Data Insights section of the report offers a collection of observations and data points, sourced from third-parties, to help frame both the topic of client experience in wealth management and the vendor showcases that follow in the report.
CX Showcases
The report presents 11 individual Showcases focused on individual aspects of the CX and what wealth managers can and should consider in order to enhance what they offer and deliver to their clients. These include:
Showcase #1 – Technology foundation (contributed by WealthOS)
Investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management and omnichannel servicing, as well as real-time data interactions. This empowers advisers to focus on personalised services and building strong relationships with their customers.
Showcase #2 – Core-satellite investing (contributed by Finfox)
A core satellite investment approach provides banks with a unique opportunity to cater to their clients' specific preferences and needs by leveraging the bank's investment expertise and creating a distinctive offering.
Showcase #3 – Delivering with data (contributed by Futureform)
Wealth managers are looking to data-driven insights like never before. As the financial landscape becomes more complex and client expectations evolve, the integration of these insights and automation capabilities has become essential.
Showcase #4 – User-centric technology (contributed by Croesus)
To thrive in today's environment, wealth managers need WealthTech solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience.
Showcase #5 – New affluent expectations (contributed by aixigo)
Technological transformation has lowered the barriers to entry and made it possible for affluent inclusion of the affluent segment in the wealth management space. In this article, we look at why client experience is key to addressing this segment, and what firms need to consider when creating investment journeys.
Showcase #6 – Generation investor shift (contributed by Objectway)
Success hinges on human factors like trust and accountability, and the strategic use of technology to enhance client and adviser engagement. As digital natives, the new generation of investors demands seamless, personalised, and transparent digital experiences. Wealth firms must adapt their strategies, focusing on robust digital platforms and AI-driven solutions to attract and retain this tech-savvy clientele, ensuring their relevance in a rapidly evolving financial landscape.
Showcase #7 – Asset diversification (contributed by Altoo)
Diversification is a cornerstone of wealth management. From a performance perspective, mitigated risks and enhanced returns are universally recognised benefits of allocating investments across various asset classes. From the client experience perspective, however, assuring well-diversified UHNWIs that their allocation strategies are on track is a significant challenge for wealth managers relying on manual workflows.
Showcase #8 – Mastering experience (contributed by Corfinancial)
Client experience in wealth management includes every interaction a client has with their financial adviser or wealth management firm. The importance of client experience and trust, exceed the ever-evolving needs and expectations of clients, to deliver what they want.
Showcase #9 – Client centricity (contributed by additiv)
The traditional model of high-touch, face-to-face interactions is giving way to a hybrid approach that leverages digital tools to enhance client experiences while maintaining the personal touch that high-net-worth individuals expect. This shift requires not merely a technological upgrade; it represents a fundamental reimagining of client centricity in the digital age.
Showcase #10 – Client touchpoints (contributed by ERI)
Client expectations have risen in line with the increasing influence of competitive offerings. With the much-discussed 'great wealth transfer' and the customer experiences seen in other industries, clients are now demanding more from their wealth managers.
Showcase #11 – The client application (contributed by moneyinfo)
Digital transformation is not a journey with an ending, it is an evolving process as technology becomes more capable. We outline the three stages of digital transformation, and how we have come to change the way we think about technology.
Interested in reading the Client Experience Toolkit 2024? Discover more here.
ABOUT THE TOOLKIT REPORT SERIES
Following this first report on CX, this report series will publish ongoing reports mixing thematic, geography and wealth manager-segment focused releases. Next in the series, we are looking at:
• AI Toolkit 2024 – discover more here
• Family Office Toolkit 2024/2025 – discover more here
• UK Toolkit 2025 – discover more here
• Middle East Toolkit 2024 – discover more here
ABOUT THE TOOLKIT ROADSHOW
Following each report, we will look to deliver supporting Roadshow events. For the CX Toolkit Roadshow, we are hosting 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
ABOUT THE WEALTH MOSAIC
The Wealth Mosaic is a UK-headquartered online solution provider directory and knowledge resource, focused specifically on the wealth management industry. Built around a curated and constantly growing and evolving directory of solution providers to the wealth management sector across the world, our business is founded on five core principles that make us different from other offerings in the market:
• Wealth management-focused
• Directory-first
• Research-led
• Online-first
• Accessible
Behind this report, the engine room of our business in delivering all of the above is our website. This is available to any user 24/7, 365-days a year. As of July 2024, our website hosts over 2,750 solution provider profiles and hosts over 6,250 solution profiles from these businesses. Each of these solutions is tagged to at least one of the 39 headline Business needs categories across our first two live marketplaces (Technology and Data, and Consulting, Research and Support Services). These Business needs categories create the first level of filtering around our Solution Provider Directory.
Alongside our core directory focus, we continue to add and further develop the content, knowledge resources, and tools within our platform to support the user in their discovery, learning and engagement process.
For Wealth Managers
For wealth managers, the buy side of our marketplace, TWM is designed to enable discovery of key solutions, solution providers and knowledge resources by specific business needs.
For Solution Providers
For solution providers and vendors, the sell side of our marketplace, TWM exists to support the positioning, exposure and business development needs of these firms in a more complex and demanding market.
Discover our latest reports!
Swiss WealthTech Landscape Report 2024 – read here
WealthTech 2024 – read here
