The wealth management industry has seen much change over the past few years. Today, it’s not just about how much you have in your bank account – it’s also about what kind of advice and guidance you can get from an advisor to help meet your financial goals. Personalization is one way that advisors can stay competitive with other firms that may offer lower fees or higher returns on investments.
While personalization has typically been reserved for the highest tier of customers, technical advancements have made it possible for clients with fewer assets to demand increasing levels of personalization from their advisors.
A recent survey conducted by ThoughtLab and Publicis Sapient found that the demand for personalized, goal-based planning and other specialized services continues to grow among investors. 58% of those surveyed said that they will want personalized financial planning in the next 2 years.
Types of personalization
Advisors can apply personalization across the spectrum of the client-advisor journey. From deeper servicing engagement to custom wealth products, personalization can ensure solutions are tailored to a client’s unique needs.
More and more, teams of managers are assembled with the depth of expertise in a client’s circumstances. Developing tailored offerings by profession or source of wealth offers differentiation over cookie-cutter solutions. 57% of the investors who participated in the survey cited earlier said that providing innovative investment ideas is the best way to attract their business.
As clients are willing to share more data, advisors can customize portfolio selection context and market news to offer more relevant information to clients. Younger clients are especially attuned to increased levels of digital engagement. Advisors who can serve up relevant information in a timely way, at scale, increase the trust their clients have with their firms.
One challenge advisors face is the myriad of platforms they have to rely on to source this data internally. The data-driven wealth management industry is in a constant state of change, as various platforms struggle with how best to distribute and consume investment information.
To solve these challenges, advisors need an optimized content management solution to enhance investment advice and improve advisor efficiency. This will ultimately deliver a better client experience as it increases the effectiveness of all three areas:
- content generation/distribution
- relationship building with clients through communication channels
- providing customized financial information tailored specifically for each customer’s needs
The advice itself is personal. For generations, advisors have always thrived in understanding their clients’ circumstances and views on risk, which has led them over time to create …….