Now, more than ever, it is critical to meet your clients’ demands for more transparency and personalized information. Leveraging legacy technology and widely-available market data alone cannot provide the actionable insights advisors need. Current clients and the generation of clients on the receiving end of the great wealth transfer underway will expect an increased level of transparency.
FactSet recently sponsored a webcast hosted by WealthManagement.com featuring Doug Fritz, President and Founder of F2 Strategy, and Alex Perovic, Head of Strategic Initiatives & Digital at RBC Wealth Management. These two thought leaders discussed how wealth managers are evolving to support the growing expectations of their clients. Here are some of the key takeaways:
The digital client experience should be the product of a single firm-wide vision. It's not a separate digital team. It's a single vision that applies to online statements, paper statements, and data/information delivery that is supported by the leadership team. It’s critical that this message comes from the top down.
Better data management and data integrity are the means to improve the client experience. Successful firms don't talk about data—they talk about what they're going to do with it. They talk about the client experience they're going to generate and how better data management and a high level of data integrity improve “time to revenue.”
The role of the advisor hasn’t changed. The goal is to make the digital experience an extension of the advisor team—it’s not a replacement. Leveraging technology to address the mechanical functions of trading, rebalancing, and product selection allows advisors to spend more time with their clients. Technology enables advisors to effortlessly combine the available data with the insights and goals of their clients, allowing them to connect on a more empathetic level with them.