In recent years, wealth managers have focused less on transactions — and more on building holistic customer relationships. But economic uncertainty has accelerated the need for advisors to adapt quickly and empower clients to navigate a new landscape.
Currently, wealth firms are struggling to address demographic shifts and increased demand for new products and services. They are in a race for efficiency, aiming to modernize their brands and future-proof service models to attract and retain the business of five generations of clients in the market: Baby Boomers, Gen X, Millennials, Gen Z, and Gen Alpha. Firms must learn to operate effectively, increase productivity, and drive efficient growth. Economic conditions have forced many clients to focus on their financial wellness.
Most investors are feeling an increased sense of urgency to get their financial houses in order, with a particular focus on finance and estate planning, risk management, healthcare, and elder care. The challenges of achieving other important financial life goals, like saving for higher education costs or retirement, requires clients to seek a higher degree of care from advisors.
Even amid these challenges, customer expectations have never been higher. Individuals and families are less inclined to be passive bystanders than they have been in the past. They seek to become empowered explorers and co-creators of their financial futures with trusted advisors. Individuals and families are looking to partner with advisors who deeply understand their needs, goals, and aspirations and bring comprehensive solutions and expertise to their relationship.
Focusing on the advisor-client relationship has never been more important. Advisors must deliver value in more meaningful ways while increasing their use of digital channels — video chat, text, voice, social media, email, websites, and portals — to offer memorable and personalized experiences. When firms wow their customers, they’re setting themselves up for long-lasting relationships — and efficient growth.
But not all financial institutions easily communicate with clients through digital channels or simplified platforms. The last few years have exposed gaps in the digital capabilities of many financial services institutions. In a survey conducted by Broadridge Financial Solutions, 77% of financial advisors say they have lost business because of not having the appropriate technology and tools to interact with clients.
The need for digital technology is not going away. Providing financial advice where clients expect to receive it is imperative to develop an advisor-client relationship that benefits both. Accelerating digital transformation and implementing a single, shared view of customer data is key to keeping current clients seeking the service they want while attracting new clients from competitors who aren’t offering digital solutions.
This paper will examine the effects digital technology is having on building a successful financial advisor team, opportunities in the industry, and the strategic framework for a long-lasting advisor-client relationship.
This article is posted at salesforce.com
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