What wealth managers should look for when digitising client relationship management

Digitalisation of client relationship management is now a critical part of wealth management and firms need to automate admin tasks to foster engagement, according to WealthObjects CEO and founder Uday Bhaskar Nimmakayala.

In a new blog post, Nimmakayala explains that due to the Covid-19 pandemic wealth management firms have to rapidly accelerate their digitalisation efforts if they wish to keep up with client demands. While firms were gradually implementing digital tools and software capabilities to improve customer engagement, times have changed and they can no longer afford to evolve at their own pace.

Advisers and clients have all been forced to connect remotely and seamlessly engage quickly. Clients do not want to waste time completing various forms, signing and posting documents, which has forced firms to digitise and streamline these processes, he explained. There are a lot of different tools a firm should be looking for when upgrading their client relationship management technology.

Firms need to be putting equal importance on modern practice management and financial planning software that offers flexibility around interface, communication, functionality and automation. Digital tools can ensure firms have time building deeper relationships with clients, rather than doing lengthy admin tasks.

“Thus in practice, the adviser technology toolkit needs to be able to make an efficient and thorough job of each stage of the client lifecycle. From prospecting, onboarding, planning, implementing, reporting and then ongoing engagement and management, there needs to be a wealth software system sat underneath that can automate as much as possible and serve the firm to make life easier for both its clients and advisers,” Nimmakayala said.

Furthermore, digital tools can help with how wealth managers attract new clients. The blog states that tools can make sense of a prospect, determine the best approach and how to approach it. “Being able to showcase digital technology at prospecting and onboarding stage is another way of appealing to clients in an age where competition between wealth managers is healthy. In terms of the fact-finding function, being able to automate and customise as much as possible leaves the wealth manager more able to tackle the personalisation and offer a superior level of service.”

Having the tools to identify key information about a client, not just their wealth, but also their lifestyle, interests and other parts of their life, can be invaluable to planning. It can help to identify their goals and financial planning.

Getting this information starts from onboarding. Firms need to ensure they have the ability to leverage the data gathered and implement it into the planning and investment research stages.  

Nimmakayala concludes, “A new technology platform is needed with a digital focus, and this is what brings it all together in terms of the service offering. Previously this type of offering would only have been available on an enterprise level to tier one firms. Our newly launched Wealth CRM and financial planning software with a tightly coupled client portal, AdviceObjects is accessible and affordable to all firms. Another critical element of our platform is that it requires no installation, and thus again, this makes it convenient for wealth managers to make a seamless transition.”

Click here to read the full blog.

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