The landscape of wealth management is undergoing a profound transformation. Once built around traditional, face-to-face interactions and annual portfolio reviews, the industry now faces the challenge of engaging a digital-savvy client base. Wealth managers must contend with an environment where competition is fierce, and clients are bombarded with information from multiple channels. In this digitally-driven world, attracting and retaining clients is no longer just about offering high-quality financial advice – it’s about creating a compelling, personalized client experience.
Our personalized content feed technology has been instrumental in helping clients achieve remarkable results. For example, we’ve enabled brands to drive a 17.5X increase in revenue in under two years, while delivering an average of 7 million impressions per month. These personalized experiences drive 35-40% of total monetization, showcasing the power of targeted, relevant content to capture client attention. Through our AI-driven solutions, firms have also experienced a 50%+ lift in monetization via tailored offers, and in just 12 months, we’ve helped produce 2.5K+ content assets, resulting in a 39% increase in total assets.
At the core of this evolution lies one key factor: the ability to deliver engaging, relevant content. Clients want to feel informed, understood, and connected to their financial advisors. The key to winning their loyalty is nurturing them through consistent, meaningful engagement across the channels they prefer. Wealth managers who embrace digital media and leverage artificial intelligence (AI) to deliver personalized, timely, and relevant content will stand out in this competitive landscape.
It is essential that wealth management firms consistently supply consumers with high quality, relevant and compelling content. At the same time, it is just as important that they provide the same level of content to their financial advisors (FAs). This is not just direct-to-consumer content provision. In fact, some wealth management firms choose to ‘stay out of the way’ and only support their financial advisors with the provision of content. Critically though, this content must be worth sharing, and will resonate strongly on Social Media channels.
The importance of client nurturing in wealth management
Client retention is one of the cornerstones of success in wealth management. It is far more cost-effective to nurture existing clients than to acquire new ones. When clients feel valued and supported, they are more likely to stay loyal, advocate for your brand, and entrust you with a larger share of their assets over time.
Nurturing clients is about more than just providing financial advice; it’s about building long-term relationships through consistent engagement. This involves not only delivering relevant content but also being available when clients need you. A well-nurtured client will not only stay with your firm longer but may also refer others and become a vocal advocate for your services.
In this relationship-driven industry, loyalty translates directly into revenue. Upselling and cross-selling opportunities arise naturally when clients trust their advisor. For wealth management firms, the ability to foster these relationships is the key to unlocking greater lifetime value from each client.
Delivering a great client experience: what it means
A great client experience in wealth management is built on personalization, timeliness, and accessibility. In today’s fast-paced world, investors expect more than annual meetings and periodic reports. They want real-time insights and the ability to access information whenever and wherever they choose. This shift in expectations demands that wealth managers rethink how they interact with their clients.
The rise of self-service options has also created a new dynamic. Many investors prefer to take control of their financial decisions, but they need the right tools and information to do so with confidence. Wealth managers must strike a balance between empowering clients to self-serve and offering personalized advice when needed.
Advisors need to ask themselves critical questions: How often should they communicate with clients? What format should this communication take? How can they tailor their interactions to meet the unique needs of each client? The answers to these questions form the foundation of a superior client experience, one that fosters loyalty and builds long-term relationships.
Leveraging digital channels for effective client engagement
Digital media has revolutionized how consumers interact with brands across industries, and wealth management is no exception. Today’s clients engage with financial services through multiple digital channels, from email newsletters to social media platforms. To remain competitive, wealth managers must embrace these channels to reach clients where they are most active.
The key drivers of client loyalty and "stickiness" are changing. No longer can wealth managers rely on in-person meetings or phone calls to build relationships. Digital content, when delivered effectively, can create communities of interest, foster engagement, and sustain long-term relationships with clients. This content needs to resonate on a personal level, addressing clients' specific needs, concerns, and goals.
By using digital channels effectively, wealth managers can maintain a consistent presence in their clients’ lives, even when in-person interactions are limited. This continuous engagement builds trust and positions the advisor as a go-to resource, increasing client satisfaction and loyalty.
Snackable, shareable, and social: the right kind of digital content
One of the most important aspects of digital engagement is the type of content being delivered. In today’s attention economy, clients are bombarded with information. To cut through the noise, content must be "snackable" – easily consumable in short bursts – and shareable through social media.
In wealth management, this means moving away from long, dense reports and instead focusing on concise, actionable insights. Whether it’s a short video explaining market trends, a quick blog post on tax strategies, or a social media update on investment tips, content needs to be easily digestible and relevant to the client’s current needs.
More importantly, success is no longer measured solely by views or followers. In the digital age, engagement and interactions – comments, shares, likes – are the true indicators of whether content is resonating with clients. By focusing on creating content that encourages these actions, wealth managers can foster deeper connections with their audience.
The frequency of communication: finding the right balance
Gone are the days of sending clients an annual investment statement or a quarterly report. Today’s clients expect timely, real-time updates about their portfolios and the markets. They want to feel informed and empowered to make decisions, even in between formal meetings with their advisor.
This shift in expectations has led to the need for more frequent communication. Wealth managers must adopt a dynamic approach to content delivery, providing regular updates that are personalized to each client’s preferences. Whether it’s daily market news, weekly portfolio insights, or ad-hoc alerts based on specific client holdings, the frequency of communication should align with each client’s unique needs.
By delivering timely, relevant information, wealth managers can ensure that clients feel confident and in control of their financial decisions. This not only builds trust but also reinforces the advisor’s role as a valuable, ongoing resource.
The role of AI in personalizing client engagement
AI is playing an increasingly important role in wealth management, particularly when it comes to personalizing client engagement. AI-driven tools can analyze vast amounts of data to deliver hyper-personalized content that resonates with each client’s unique profile, preferences, and goals.
For example, AI can help wealth managers create highly targeted social media feeds filled with content that is relevant, snackable, and shareable. Video content, in particular, is highly effective, as it has a higher recall rate than written communications. By leveraging AI, financial brands can ensure that the right content reaches the right client at the right time.
AI also enhances the scalability of personalized engagement. Through AI-driven content tagging and distribution, wealth managers can deliver compliant, tailored content to thousands of clients without sacrificing quality or relevance.
The benefits of successfully leveraging AI and digital media
By successfully leveraging AI and digital media, wealth managers can deliver content with immediacy and at scale. This not only enhances client satisfaction but also turns the bank’s app or website into a daily destination for clients. As clients become more engaged with the content, they are more likely to remain loyal, increasing trust and long-term value. To win the ‘client attention’ battle, wealth managers / advisors can no longer expect to operate in a world of long form documents. In today’s attention and time poor worlds, for communication to be truly effective, it needs to be delivered in soundbites and short videos.
The long-term benefits of this strategy are clear. Enhanced client engagement leads to stronger relationships, greater trust, and increased client loyalty. Over time, these relationships translate into increased assets under management (AUM) and more opportunities for cross-selling and upselling.
The path forward: embracing AI to drive value creation
The wealth management industry must wake up to the potential of AI. Firms that fully embrace AI and digital media will not only nurture and retain their clients but also create significant value for themselves in the form of increased AUM.
Wealth managers should focus on leveraging AI to deliver timely, personalized content that meets clients where they are – whether that’s on social media, via email, or through a dedicated app.
Conclusion
In the evolving world of wealth management, the ability to deliver a superior client experience is the key to attracting and retaining clients. Digital media and AI offer powerful tools for engaging clients in a personalized, meaningful way. Wealth management firms that embrace these technologies will not only win client loyalty but also drive greater value for themselves.
Wealth managers will find themselves competing with the sea of social content their clients are faced with on a daily basis, along with AI agents. The new imperative will be for them to have the tools and compelling content delivered in a way and at a frequency and with a level of relevance that creates the ultimate customer experience. They build THE daily destination for wealth. The clock is ticking for us to build the ULTIMATE destination for wealth. Now is the time to leverage these modern tools to thrive in the attention economy and build lasting relationships with clients.
Interested in reading the US WealthTech Landscape Report 2024? You can read the report online here.
ABOUT THE US WEALTH LANDSCAPE REPORT 2024
The US WealthTech Landscape Report 2024 has been designed to showcase the pivotal role that technology plays in the evolving landscape of US wealth management.
With the rapid pace of change in financial services, understanding technology's impact on this sector is more crucial than ever. This US-focused Landscape Report features a series of insightful articles that explore the trends, challenges, and innovations surrounding technology adoption in wealth management. Contributions come from a range of organizations, including Advisor360, Alpha Tech Partners, Aureus Advantage, Croesus, Diamond Wealth, ERI, First Rate, J.P. Morgan Wealth Management, Malka Media, Pirker Partners, Seismic, and Transcend Capital Advisors.
The report also features a section dedicated to a series of solution provider showcases, offering insights into the offerings and capabilities of the firms featured. This section is designed to provide an overview of a selection of solutions available on the market today, showcasing some of the available technology tools and partners that might address your business needs. Finally, we culminate the report with the directory section that introduces our online Solution Provider Directory (SPD) and references the size of market relevant to the US wealth management sector.
Interested in reading the US WealthTech Landscape Report 2024? You can read the report online here.
ABOUT THE WTLR SERIES
Our goal with our WealthTech Landscape Reports (WTLRs), is to collate relevant, insightful content and comments from both wealth managers and vendors operating in a specific region. Each WTLR is founded on a curated directory of hundreds of relevant technology and related solution providers to the business needs of the wealth management community in focus. The directory is supported by a rich variety of thought leadership articles and interviews with industry participants from both buy and sell side, plus a section of Solution Showcases. We also look at country, regional, and sectoral trends.
If you are interested in contributing to our WealthTech Landscape Report series, don't hesitate to get in touch.
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