The wealth management space has changed irrevocably. A combination of global developments, technological progress, generational shifts, and new opportunities have transformed the landscape.

The growing mainstream market has led to a new type of investor who have unprecedented access to the wealth sector and are more likely to question traditional practices or authorities. Then there is the notable rise in female-owned wealth, with UBS’s Women’s Wealth 2030 predicting that women will own a combined US$97 trillion by 2024.

And that is without mentioning the ongoing “great wealth transfer,” which will see around US$60 trillion in wealth move from the Boomer generation to younger ones by 2060. To further emphasise the changes taking place, we can also look at complex geopolitical situations, a rise in cost of living and interest, or even the ever-lingering effects of the pandemic.

There is much to contend with on a macro level, but perhaps the most important area in terms of day-to-day relationship building is the complete overhaul of how clients access their services. Regardless of the specific investments that individuals are interested in – or the ramifications of global events – how clients want to interact with their advisors has transformed.

Shifting client preferences
The traditional dinner, coffee, or other in-person meetings that once defined client-advisor relationships have given way to a more hybrid approach. Much of this is generational, with 34% of millennial and 35% of Gen X investors claiming that hybrid access to advice is important when choosing an advisor. As the generational shift continues to take place, we can expect these numbers to rise.

That said, technology alone is not enough to satisfy client needs, with personalised support still essential for a well-rounded service. In short, clients want to talk to real people, but using the channels of their choice. For more complex decisions or moments of truth, this may require video calls or Co-Browsing, but what happens for the more normal, day-to-day interactions?

This is where Secure Messaging comes into the picture. Watch what Secure Messaging is here.

On the surface, Unblu’s Secure Messenger appears to be exactly the same as many popular messaging apps that are already on the market, such as WhatsApp, Facebook Messenger, etc. This, in fact, is the secret to its success.

While these popular apps are convenient to use, they present significant risks in terms of data security and adhering to industry standard compliance requirements surrounding message recording. Sending industry-standard secure messages, on the other hand, offers the benefits of popular apps but are also secure, omnichannel, compliant, and operational even in protected environments.

The benefits of Secure Messaging apps
Secure messaging services offer a number of benefits across contexts in the financial services industry. In private wealth, it can streamline communications for both the client and advisors – with further benefits for the private bank or wealth management firm itself.

How Secure Messenger streamlines client communication
Let us look firstly at the benefits of enhanced message security for the client and advisor.

Secure Messaging solutions can be integrated into a firm’s existing channels, whether portals, mobile apps, or more. This means it is possible to send text messages, images, and files, while remaining confident that the attachments are safe and secure.

While the secure messaging app is designed for asynchronous communication and file sharing, it does also give the user instant feedback, allowing them to see who is online, typing, or post statuses to keep the client up to date.

Finally, accessing the app is both secure and easy, with Single Sign On – after which clients can get browser or native mobile device notifications to always know what is going on.

How Secure Messaging supports the institution
By design, many of the above user features replicate the experience of popular messaging apps. However, while using WhatsApp or similar platforms can present a number of challenges at the organisational level, Secure Messenger protects the institution and empowers it to offer a superior service experience.

• AI-powered service
  Generative AI is changing the game, making it easier for advisors to provide quick, accurate advice. For example, if a client asks a question and the advisor does not have the answer at hand, they can turn to their AI Co-Pilot to scour the LLM and find the correct response in seconds.

  In fact, from our customers we have found that Conversational AI, which involves enhanced texting and messaging, can increase front-office productivity by 25%. 

  This feature can also be used to write new messages from scratch – something that is particularly useful when creating communications for multiple clients. Combined with broadcasting and labeling features, the Co-Pilot can create a relevant message to be broadcast to multiple recipients, increasing the frequency and quality of client-advisor interaction.

• Back-up representatives
  The secure messaging platform’s omnichannel capabilities (on mobile devices and beyond) are further enhanced by the ability to designate back-up representatives, known as deputy management, for when the primary advisor is not available. 

  Likewise, advisors can invite team members or experts to help with specific conversations or advice on topics. To speed up conversations and hold multiple efficiently at the same time, advisors can make use of canned responses for quick feedback.

  The secure messaging software itself is inherently flexible. It can be integrated with other systems like CRMs, CBSs, bots, etc, and is easy to embed. This means you can display the Secure Messenger access on your e-banking, client portal, website, or mobile app – so clients can always communicate on their terms.

• Native appearance
  When a client interacts with their advisor, it is important for every touch point to appear native to the institution. Every time a client sees Zoom, WhatsApp, or other known brands, apart from not being compliant, this can weaken or dilute the image of the organisation. For this reason, it is vital to use a Secure Messenger or secure chat app that integrates with your ecosystem in a natural way.

  “Our bank is known in Paris as the private bank with the best and most complete investment paper reporting. We want to carry our legacy over to the digital space, which is one of the reasons we chose Unblu for handling advisor/client conversations. A lot of configurations are possible, making this channel appear tailored to the bank.“ – Director of Client Experience at a private bank

• Alleviates privacy concerns
  As the name suggests, secure messages allow for secret chats to take place that meet industry security requirements. These private messages are made possible thanks to stringent security features.

  However, a good secure messaging vendor will ensure that security does not get in the way of convenience. Private conversations can take place alongside advanced functionalities for ease of use such as push notifications, voice chats, and more.

• Reduces administrative burdens
  Secure Messenger, as part of an overarching digital client interaction platform, can help advisors to organise client communications.

  With a number of back-end features, such as a single inbox for all conversations across channels, labeling features, AI-support, and more, advisors can seriously cut down on routine tasks. 

  This gives them more time to dedicate to client-facing tasks, empowering them to offer timely and insightful advice, while identifying opportunities to upsell and cross-sell financial products that align with clients’ goals.

Secure Messaging solutions as part of a larger journey
Secure messaging services facilitate easy, asynchronous communication that mimics how we like to communicate in real life. However, not every conversation will take place only on this channel. As part of the overarching platform, Secure Messenger allows advisors to escalate the conversation as and when required for maximum support.

Take, for example, the common case where an advisor or client has an investment proposal. What would that journey look like?

• Investment suggestion
  Assuming the client and advisor already have a relationship, the initial contact could be made by either party. It could be that the client was reading about a possible investment online and wants answers to basic questions, or the advisor has found an opportunity they believe the client might be interested in.

  Either way, the first contact takes place over a secure message solution, with one sharing the suggestion with the other.

• Sharing a document
  The advisor, having done some research into the opportunity, shares a secure-delivery document with the client at a later point in the day or potentially the day after. The client, at their leisure, looks at the document and replies to the client with some questions.

• Escalating to a video call
  Since the questions are a little difficult to answer via text message, the advisor suggests escalating the conversation to a voice call or a video call. The client replies that they are busy and so they arrange a time later in the day.

• Launching Co-Browsing
  Once on the call, the advisor begins to go through the answers to the questions. This goes well at first, but after a while, the client begins to confuse different parts of the document.

  To add an extra layer of effective communication, the advisor launches a Co-Browsing session without leaving the current channel, allowing both the client and the advisor to see and interact with the same document and browse the internet together.

• Making the investment
  The promising details alongside the ease of communication encourages the client and they decide they are ready to sign. Thanks to Co-Browsing capabilities, they are able to do it then and there, getting a signature in a secure environment. The conversation ends and the client sends the advisor a final message over the secure messaging app thanking them for their support.

Direct secure messaging with Unblu
Ensuring secure communications, particularly those that take place on personal phones, is a priority for wealth management firms. While standard messaging is popular, the online threats and ensuring compliance with industry regulations means that firms must embrace the security features that private messaging apps offer. 

Being able to send and receive secure messages will not only guarantee compliance, but it also solves one of the main communication challenges that teams face – convenience. Equipping your team with the ability to send direct messages is one of the primary methods of communication that lead to accelerated AUM growth.

Read the original article here.