Wealth Managers – Here is How You Can Leverage Technology to Build Stronger Client Relationships with Personalized Service
Wealth Managers – Here is How You Can Leverage Technology to Build Stronger Client Relationships with Personalized Service
Nov 24, 2021
In today’s world that is driven by digital interactions, wealth managers are looking for ways to create engaging and rewarding experiences with their clients and stay ahead of their expectations. Here are a few areas where technology can help them in building strong investor relationships.
In today’s dynamic and highly digital world, customers expect everything to be instantly available: including personalized interactions, products that fulfill their needs, or services tailored to their individual purchasing journey.
For wealth managers, this means embracing an always-on mindset to delight clients with engaging and rewarding experiences and thus, staying ahead of the expectations. And the best way to do this is by adopting modern technology solutions that allow for products and services to be delivered in a personalized, quick, and timely manner.
Why personalized service matters
Internet penetration, the advancement in smartphone technology, and the abundant availability of information at fingertips have made customers more informed and invested than ever before. Delivering just a good product or service to these customers is not enough; wealth managers need to drive efforts towards creating enriching experiences that establish strong and long-lasting connections with their customers.
They need to connect with these customers across each channel and at every level- quickly and consistently – while constantly delivering on expectations. The key is to make the right first move; once a connection has been made and trust has been established, it is also important to ensure retention by keeping that trust intact. Unifying the customer experience by embracing the latest technology platforms is the only way they can build stronger client relationships and stay ahead of the curve.
The role of technology in building strong investor relationships
If you want to delight your customers with seamless experiences, you need to have a 360-degree view of their needs and wants across the lifecycle. Here’s how you can leverage technology across different processes to enhance customer experience and satisfaction:
Advising on financial investment decisions
The COVID-19 pandemic has made business-as-usual a thing of the past. In a post-crisis world, investment decisions need to be made with utmost planning and precision. Therefore, wealth managers today are expected to provide accurate and timely advice to clients on the investment decisions they must make to improve their returns. Modern data analytics solutions can help these managers get a real-time view of their clients: their needs, their preferences, previous investments, and more. They can use this information to consult them about the different types of investments available in the market and present them with potential opportunities that are most suitable for them. By unearthing investment-focused insights and looking at the bigger picture of clients’ individual and family’s financial health, they can advise on the right investment decisions.
Managing portfolios
Wealth managers need to be able to efficiently oversee investment portfolios for the individual as well as institutional clients. Modern technology solutions allow wealth managers to have in-depth and relevant conversations with clients, so they can have a better understanding of their current portfolios. Using robust CRM systems like Salesforce, wealth managers can efficiently interact with clients, build roadmaps, and carry out risk management while also meeting their short- and long-term financial planning goals. Instead of using pre-built portfolio solutions, they can create custom portfolios to meet the individual needs of different clients – while creating cost-saving efficiencies and scale.
Providing accurate and timely tax advice
To maximize clients’ profits and reduce tax liability, wealth managers need to provide accurate and timely tax advice and ensure they can adapt to change. In addition to understanding every client’s financial situation, investment decisions, and portfolios, wealth managers need to chart the most beneficial tax path for each client, while successfully and legally reducing their tax liability. Using modern technology like AI and machine learning, wealth managers can efficiently process tax notices, carry out account classification, proactively recommend tax planning strategies, and maximize after-tax income while constantly ensuring compliance with evolving regulations.
In today’s constantly evolving digital age, meeting the clients’ needs is a Herculean task for wealth managers. Even a single wrong move can cost dearly – not just in terms of lost customers but also lost revenue. At the same time, the right efforts can lead to a surge in revenue as well as pave the way for strong, long-term, trustworthy relationships. Keeping clients happy and satisfied requires wealth managers to embrace modern technology solutions. Using cutting-edge solutions, they can make the right investment decisions, effectively manage the client portfolios, and provide accurate and timely tax advice and guidance - thus building trust and deepening client relationships.
