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Building a "Signature Experience" for Wealth Managment

Building a "Signature Experience" for Wealth Managment



What does the word "wealth" even mean anymore?

What does the word "wealth" even mean anymore?

Point of View By Alex Sion Vice President, Financial Services SapientNitro



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    Building a "Signature Experience" for Wealth Managment Building a "Signature Experience" for Wealth Managment Document Transcript

    • POINT OF view POINT OF viewBuilding a “Signature Experience”for Wealth ManagementBy Alex Sion, Vice President Financial Services, SapientNitro What does the word “wealth” even mean anymore? Is “wealth management” an alienating term and concept to the retail investor? How do wealth managers convince investors to get back into the market with new investment strategies when the landscape that faces them looks like this: there is a general lack of trust and high degree of caution and skepticism; information distribution and consumption behaviors in the digital age have changed dramatically influencing the how, when, and where investment decisions are made; and the global set of options for how advisors can put money to work have become impossibly complex? When you think about these questions within the context of a changing regulatory environment where the demand for transparency will be massive, then what you get is this: the need for wealth managers to re-connect with, and demonstrate their relevance to, investors has never been greater; delivering a relevant, engaging client experience that drives this re-connection has never been harder; and the vision around what a successful business model looks like in the wealth management industry has never been cloudier. Are you ready? Around the world, wealth management executives across sales, marketing, products, and technology are struggling with these questions. What unites them all – regardless of geography or place in the value chain (distribution or manufacturing) – is a set of business imperatives, which they all pursue: • Drive asset growth by reaching new customers in new ways in an increasingly competitive and noisy marketplace • Comply with government and consumer demand for increased transparency and simplicity • Re-engineer the advisory process to match new ways in which investors consume and process information and make decisions in a global market • Profitably scale a highly complex and personalized experience • Maximize the leverage of a tremendous amount of in-house expertise, data, institutional knowledge, and invaluable social networks © Sapient Corporation, 2011
    • POINT OF viewWhat’s clear is that our industry is at a key turning point. Global market dynamics,anticipated regulatory pressures, changing investor behaviors and demands, and introductionof potentially disruptive technologies (Web 2.0, mobile, social, tablet devices, etc.) haveculminated to a point where fundamental re-consideration of how the wealth managementindustry markets, sells, and services investors around the world is being re-considered.“Wealth” and what it means to the retail investor is being re-defined and the goal is to delivera more human, practical, grounded, and collaborative client experience.What the industry needs is a new “signature experience” – a process for engaging clientsbefitting of the new age: global, multi-channel, digital, personal, transparent, collaborative,multi-generational, leveraging the institutional knowledge and insight gained through globalresearch networks and decades of investing experience.SapientNitro believes that the future wealth management signature experience will bedefined by four key tenants:• Immersive multi-channel marketing and communications – The wealth management marketing and sales experience is built upon conversations. Highly engaging, highly personal, often non-linear and exploratory conversations. A digital-centric, multi- channel marketing and communications strategy can replicate that conversational experience with investors who now have different modes and methods of communicating and consuming information. It can alter the experience so that a “conversation” can take place across physical and digital spaces, with or without the need for increasingly precious and expensive face-to-face time with a professional advisor.• Re-imagined, holistic investor views – Making an investment decision is not an easy task. Investors will put money in motion only when they are logically, operationally, and emotionally ready to do so. Traditionally, this has required savvy advisors and investing professionals to take great pains to articulate and illustrate their investing logic in a way that will resonate with investors. That translates into lots of cycle time, lots of data aggregated from multiple sources, lots of conversations. With the information available in the market today and the technology at hand to be able to access, visualize, and present it in increasingly more engaging ways, investor views should be re- imagined with the goal of speeding up the investing decision cycle and increasing the velocity of money.• Enabling a collaborative advisory experience – The old wealth management advisory experience: come visit the branch — advisor on one side and investor on the other – advisor looking at desktop, investor looking at oak furniture and paintings on the walls, “book” handed to investor, never read. The new wealth management advisory experience: investor explores investing concepts in multiple channels beginning online, largely self-directed, tools are engaging, easy to use and understand, advisor guides rather than drives experience, client meets advisor in coffee shop and finalizes investment scenario over iPad, finally executes online, gets confirmation and stays pro- actively engaged through mobile. © Sapient Corporation, 2011
    • POINT OF view• Empowering intelligence networks – As Gordon Gekko once said, “the most valuable commodity I know of is information.” Wealth and asset managers build and brand themselves around this statement, each claiming to be able to deliver a different kind of insight. With sprawling networks of professionals scattered around the world, the leading global wealth management institutions are treasure troves of information. But how well is this information really put into action? Does the retail investor really “feel” the information advantage? Leading wealth managers of the future will learn how to use emerging technologies – social, mobile, augmented reality, etc. – to increase their information advantage and better leverage insight gathered from armies of seasoned professionals, a global footprint, and networks of relationships across many industries.A new signature experience in wealth management will transform the industry. It willincrease levels of client engagement, improve and scale the advisory experience, and makeinvesting and the markets more relevant for the retail investor. The ability to deliver thisexperience is within our grasp. Alex Sion, Vice President Financial Services, SapientNitro Alex is a Vice President based in New York City and where he leads Digital Strategy for the Financial Services sector. He has over 10 years of experience in digital strategy for financial services firms as a management consultant and as an executive for a leading wealth management firm. Prior to Sapient Alex was with Citigroup Global Wealth Management where he was a Senior Vice President. Alex was part of the management team that founded myFi which was a new business Citi Global Wealth Management created to focus on the mass affluent segment. At myFi, Alex was responsible for defining and launching the core business/technology platform, client services environment which included both branch and service center advisors, and distribution strategy. All of these had a heavy focus on leveraging digital/online mediums. Prior to Citigroup, Alex was on the leadership team of Capgemini’s Wealth Management practice. At Capgemini, Alex worked with a variety of leading retail banks, brokerages, and other diverse wealth management firms to develop sales, marketing and distribution platform strategies. He had a significant focus on advisor sales processes and desktop technologies and customer experience and online transformation efforts working with companies like Merrill Lynch, Morgan Stanley, ING, Ameriprise and Wachovia in these areas. In addition, he was a primary author of the World Wealth Report – an annual sizing and analysis of the high net worth market landscape published by Capgemini and Merrill Lynch. Alex graduated from Yale with honors. For more information, please phone +44 (0) 207 786 4500, email info@sapientnitro.com or visit www.sapientnitro.com © Sapient Corporation, 2011