Panel participants: 

• Sasha Dabliz, Director of Marketing & Communications, The Openwork Partnership 
• Ian Ewart, Board Adviser, FinTech and Financial Services 
• Jonathan Hartley, Director, Customer Success, Objectway 
• Divakar Padmanathan, Senior Partner and ManCo Member, Asset & Wealth Management Consulting, Alpha FMC 
• John Porteous, Managing Director, Central Financial Services and Chief Client Officer, Charles Stanley

In a recent panel discussion at The Wealth Mosaic’s CX Toolkit Roadshow event in London, hosted at The Eight Club (attended by a cross-section of wealth managers, consultants and technology vendors), industry leaders from the wealth management sector gathered to discuss trends in client experience in wealth management, in light of rapid technological advancement and tightening regulatory landscapes. As the wealth management industry continues to shift towards digital-first solutions, participants stressed the importance of finding a balance between innovation and human interaction while ensuring compliance. The conversation brought to light the complexities of integrating technology, client data, and regulatory frameworks to create a seamless and personalised client experience.

The role of digital experience and technology in wealth management
One of the primary topics of the panel discussion was the evolving digital experience in wealth management. Experts debated the necessity of balancing digital tools with human interaction, acknowledging that while technology enhances efficiency and scalability, the human element remains essential for building trust and rapport with clients. 

Participants specifically focused on the challenges of implementing Customer Relationship Management (CRM) systems in the sector. While CRMs are critical as a system of record and for streamlining client interactions and maintaining a cohesive digital ecosystem, many wealth managers struggle with the complexity of these systems and their integration into existing business models. The panel emphasized that frequent, incremental technology deliveries, as opposed to large-scale overhauls, offer the best path to success. A 'digital ecosystem' was proposed as an ideal framework – integrating various platforms to create a seamless, omnichannel experience for clients. 

Another key discussion revolved around the importance of digital-first interactions. While the industry is moving towards a more tech-centric model, experts agreed that wealth managers must focus on client experience rather than simply deploying technology for the sake of it. This is especially critical as new regulations, such as the UK's Consumer Duty, require firms to put clients' interests at the heart of every interaction. Balancing these regulatory requirements with the need for cutting-edge digital services remains a major challenge for the industry and one that can only be solved with data-first solutions. 

Client experience and regulatory compliance
The conversation also turned to the growing impact of regulation on the wealth management industry’s ability to deliver optimal digital experiences. With increasing demands for transparency, compliance, and consumer protection, wealth managers must navigate a delicate balance between regulatory requirements and client satisfaction – along with commercial imperatives. 

The panellists discussed how other sectors, such as retail and retail financial services, have influenced the adoption of technology in wealth management. These industries have long embraced digital transformation and provide valuable lessons on using technology to personalise client interactions at scale. However, in wealth management, where trust and long-term relationships are crucial, automation must be balanced with personalisation, and always with a need to be compliant. Financial education and coaching were highlighted as essential services to empower clients in making informed decisions while navigating complex financial landscapes. 

The challenge, however, is how to deliver personalised experiences at scale. The panellists emphasized the importance of integrating client data across all touchpoints to gain a comprehensive view of client needs and deliver personalised and compliant solutions. Leveraging technology in this area, such as artificial intelligence (AI) and data analytics, can help firms offer tailored advice and services, but the complexity of such implementation remains a significant hurdle. And one that is most likely to be solved by adopting specific technology solutions from the Fintech ecosystem. 

Maximising client data and referrals
Client data management emerged as another key theme, with experts emphasising the importance of having a holistic view of client information. With comprehensive data, wealth managers can better understand client preferences, investment history, financial sophistication, and risk tolerance, which ultimately enhances service delivery. 

Client referrals were also discussed as a major growth driver in the wealth management industry. The panel noted that high net promoter scores (NPS) in wealth management indicate a strong likelihood of clients recommending their advisors to others. However, turning these positive experiences into actionable referrals requires wealth managers to use technology effectively to track and optimise client engagement. Client referrals need to be ‘managed’ – it was noted that women have a far higher propensity to make referrals / recommendations. 

Overcoming technology implementation challenges
Despite the potential of technology to revolutionise client experience, wealth managers face significant challenges in technology implementation. Many participants expressed frustration over the difficulties of delivering a Minimum Viable Product (MVP) or Solution in logical, sequential steps. Poor data quality and inadequate business change management are frequent barriers, hindering firms from fully leveraging digital tools. 

Panel participants recommended focusing on specific, strategic digital experiences rather than trying to build foundations across all areas simultaneously. Prioritising data quality and aligning technology projects with business objectives were highlighted as essential strategies for success. The future of wealth management lies in building digital-first relationships, but firms must ensure that these relationships are supported by robust, well-integrated technology solutions. 

Key recommendations for wealth managers
To successfully navigate the evolving landscape of wealth management, the panel offered several actionable recommendations: 

• Harmonise client journey and regulation
  Wealth managers should explore ways to align optimal client journeys with regulatory requirements 

• Improve technology delivery
  Firms should investigate how to improve the delivery of technology with end-user needs in mind, focusing on usability and client outcomes and ‘short-lapse’ delivery cycles 

• Focus on strategic digital experiences
  Rather than attempting to overhaul all systems at once, and given the regulatory agenda, wealth managers should prioritise delivering specific, strategic digital experiences that directly benefit clients 

• Prioritise data quality and change management
  Success in technology projects requires a strong focus on data quality and effective change management. Firms must ensure that data is accurate and accessible, and that employees are well-equipped to manage technological change and deploy data-first insights. 

By following these recommendations, wealth management firms can better navigate the challenges of technology implementation, regulation, and client service in a rapidly evolving landscape.

About The Wealth Mosaic CX Toolkit Roadshow:
Following the publication of our CX Toolkit report, we have so far hosted events in Geneva, Zurich, London, with plans to host further events in Singapore and Dubai in 2025. These are free to attend for any form of wealth manager and provide technology vendors an opportunity to sponsor or demo. 

About The Wealth Mosaic CX Report: 
The Client Experience Toolkit 2024 is 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. 

You can access the report online here.