Portals hold the key to stronger wealth manager client relationships

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10 November 2020

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Client communication and interaction have never been so important.

As EY noted back in its 2019 Global Wealth Management Report, clients already expected more than just strong investment performance. To demonstrate value, it said, firms also need to focus on exceptional client experience, goals-based solutions and financial coaching. And that has become even more true in the current environment.

Market volatility and economic uncertainty have increased the onus on responsive wealth management services—offering firms a huge opportunity to add value and strengthen their client relationships. But in a world where physical contact has become severely restricted, personalised digital information delivery and interactions have emerged as the critical means to connect with clients.

The portal solution

In recent years, we’ve seen rich client portals become a major contributor towards delivering an improved client experience. Today, they are central to wealth managers’ value propositions.

Boston Consulting Group recently identified a number of short- and medium-term initiatives wealth managers should pursue to weather the current shock and position themselves for growth. Key actions it highlighted include:

1.Keeping staff safe, operational and engaged

2. Accelerating the digitisation of advisory, using digital technologies to help relationship managers better serve their clients.

3. Upgrading the client experience with timely, personalised advice and communications to make client interactions more relevant and engaging.

4. Tackling structural costs and focusing on increased efficiency.

A sophisticated portal with rich communications and self-servicing capabilities can help with all these. And as the WealthBriefing MENA Awards for Excellence 2020 demonstrate, portal solutions don’t come better than the Best Client Communication solution award winner, SS&C Advent’s Investrack.

Delivering the client wow factor

A sophisticated, multi-functional portal offers an ideal way to improve the client experience and “wow” your clients at the key customer journey touchpoints.

When developing and managing clients’ portfolios, the portal can distribute educational market information, portfolio advice and personalised updates about new products and services.

It must offer secure and intelligent document management repository automatically stores, to organise and map all the different company and product/service documents and collateral prospects needed to conduct the research during the client acquisition process.

A secure two-way communication capability  promotes greater client engagement, by enabling them to interact easily with their relationship manager, as well as any value-added service experts you may have in areas such as real estate investment advice, tax planning, inheritance advice and passion investment services.

Reporting becomes richer and more responsive too. One of the ways to enhance the client experience, Capgemini noted, is through customised client reporting. Rather than clients using multiple dashboards to track their investment portfolio, providing a holistic, customisable view of their investments enables firms to serve clients in a more personalised manner.

Our client communication solution seamlessly integrates with your portfolio management, order management and other core systems to give clients on-demand access to real-time, 360° views of their portfolios, transactions and performance, anytime and through any device. Clients can swipe across multiple asset allocation and performance views, or export data for further analysis as required—capabilities that have become even more vital during these periods of market volatility.

The Capgemini survey also revealed that self-servicing through a website is now HNWIs’ preferred channel for carrying out firm and product research, receiving updates and executing transactions. Here again Investrack can help. Customisable and intuitive self- service capabilities give clients the freedom to onboard, trade and access reports, providing the service flexibility and high quality experiences they’ve come to expect.

No time to lose

“As BigTechs gain financial services ground, wealth management firms will have little choice but to enhance digital customer engagement—quickly,” Capgemini warned.

A robust, rounded portal is a fast, effective way to meet that challenge.

 

About the author

is Regional Sales Manager for MENA region.