It's not just clients that need greater personalization of the platforms and solutions they use, advisors do too
Wealth management firms are investing in technology to transform the client experience, but they should also be modernizing their advisors’ experience too.
That’s according to Deloitte which has highlighted five pain points in the advisor experience which are holding advisors back from the quality interactions that their clients expect.
The firm says that integrated digital platforms are required to help enhance the advisor-client relationship and help them understand the complexities of their clients’ lives and needs. This will not only boost productivity but also enable wealth firms to attract and retain the best talent.
The five pain points are:
- Juggling with multiple systems and solutions: the extra time that using several platforms for administrative tasks, the less time they can spend on client relationships.
- Lack of process standardization: without clear processes there is the risk of weakened quality control and inefficiencies with newly onboarded advisors particularly vulnerable.
- Inadequate information: without nuanced insights and tracking tools, advisors struggle to strengthen client relationships.
- Outdated model: instead of models that focus on wealth products and investment returns, advisors need a goals-based, advice-driven model.
- Data weakness: inaccurate and unhelpful data and insights limits the ability of advisors to better understand and serve their clients.
IG Wealth Management recently partnered with CapIntel to provide its advisors with a modern technology platform, which it says has significantly reduced advisors’ compliance burden.
Deloitte says that advisor desktops should focus on replacing manual work and provide real-time assets to support growth.
It says that this will boost productivity, decrease client attrition rates , and help firms to boost market share.
