Client Onboarding: Then and Now
For years, wealth management advice implied pairing a client with a specific human advisor. Client onboarding was perceived as a standalone process and had been purely administrative, involving cumbersome paperwork and manual data entry. Instead of aiming at creating a strong advisor-client bond, the data collected was mostly used to meet compliance needs, making the process an additional burden for financial advisors and their respective teams and insurance agents.
In this challenging economic environment with growing regulatory demands, evolving client expectations, and increasing capital requirements, there is a critical need for a smart, agile, and cost-effective onboarding process implementation. Inefficient onboarding leads to client attrition and missed opportunities for growth, ultimately affecting the firm’s reputation and hampering new client acquisitions.
Firms should possess the best in tools, products, and processes to guide their financial advisors at understanding client needs and providing a new experience to potential clients. This is possible through:
Gaining intelligent insights and information (which includes a complete client profile), to be used for enhancing the client experience and overall bond.
Understanding the potential client’s financial goals and delivering customized solutions with a guided and comprehensive approach.
Making the process efficient, transparent, and responsive to client expectations by using innovative tools and technologies.
Looking Ahead with DecisionMinesTM
Whether it is reskilling your current wealth advisors or hiring digital talent externally, the future of the wealth management workforce is all about embracing technology as a trusted co-worker and maximizing it to the client’s advantage.
That is where DecisionMinesTM comes in. It empowers business leaders to make informed decisions by synthesizing the Art of Judgment and the Science of Data. We go beyond investing in the basic blocks such as analytics, discovery, and automation. With DecisionMinesTM, we leverage data to ensure long-term wealth sustenance, thus effectively managing your customers’ financial needs.