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DXM_Digital disruption in wealth management_WM_Web


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  2. 2. Content a. The Changing Landscape of Wealth Management b. Client Behavior is Evolving c. Why the Status Quo Won’t Work Anymore d. Making Your First Impression Count e. The Reimagined Client Experience f. The Right Technology Bring it All Together g. Wealth Management Technology from a company that Understands Your Business 1 2 3 4 5 6 7
  3. 3. The Changing Landscape of The wealth management industry is poised on the cusp of massive change. Digital disruptors are springing up like mushrooms after a rain, and carving away huge swaths of market share from full service brokerages. Client expectations of service - online and in person - are increasing daily. Meanwhile, interest rates continue to drag along at historic lows, and regulatory changes put further burdens on already stretched margins. Firms have to get smarter, and move even faster, to survive in this increasingly competitive industry. In the midst of this challenging environment, a huge demographic shift is looming and it represents an incredible opportunity for forward-thinking firms. The biggest generational wealth transfer in history is underway, as 2-3 trillion dollars changes hands through inheritance over the next five years. On average, 90% of heirs change financial advisors. Your firm can proactively retain these heirs and encourage their peers to work with you as well. To take advantage of this opportunity, you first need to understand what these clients will expect of your firm. Wealth Management 1 The biggest generational wealth transfer in history is underway, as 2-3 trillion dollars changes hands “ ”
  4. 4. 2 Client Behavior is Evolving Today’s wealth management clientele have different characteristics than previous generations of clients, and forward-thinking firms are adjusting their business models to accommodate them. Your wealth management clients have discovered the immediacy and convenience provided by online and mobile interactions, and there’s no turning back. In fact, 7 out of every 10 high net worth clients now turn to the web as their preferred method of accessing account information. Firms servicing today’s clients need to provide a universally excellent client experience across digital channels as well as physical ones, if they are to protect and grow their client base. The Rise of the Digitally-Savvy Gen X and Millennial clients are much more demanding of the quality of communications from their wealth managers. Less than 60% of this segment is very satisfied with the level of communication they receive from their wealth manager1 . These clients want and need more frequent, more valuable communications that relate directly to their situations. One size no longer fits all. A Drive Toward Constant Communication Following the financial downturn of 2008, many wealth management clients developed a mistrust of financial service firms. To counteract this sentiment, advisors need to offer transparency and present their value clearly. They need to focus on providing expert advice, easing concerns about market volatility, and educating clients about risk and return to prevent them from making costly mistakes. Skepticism about Wealth Management Firms Clients today expect your advisors to develop a deeper understanding of their personal circumstances, goals and concerns than ever before. They want more strategic guidance across more areas of their lives, and expect referrals to specialists should they present a need your firm cannot directly fulfill. To maximize wallet share and stickiness, your advisory teams need to provide a “one stop shop” for financial advice, and offer a tailored and consistent client experience that addresses their many different wealth needs. World-Class Investment Advice a Must-Have 1 Delivery Channel Preferences: How HNW Clients Prefer to Interact with Wealth Managers CEB TowerGroup 2 Deloitte, “Millennials and Wealth Management: Trends and Challenges of the New Clientele”
  5. 5. Why the Status Quo Won’t Work Anymore What’s holding your advisors back from taking advantage of opportunities like generational wealth transfer? If you haven’t invested in the technology they need to keep up with their changing clients, they may be: • Navigating between multiple, disparate systems to complete applications • Having to call clients back in for second visits to fix Not In Good Order papework • Finding themselves unable to answer questions about account status and funding • Spending valuable client-facing time searching for paper resources • Not reaching out to clients through the channels they prefer • Making “one size fits all” recommendations, instead of targeted product offers Often, the disjointed client experience at wealth management firms can be attributed to a patchwork of older systems behind the scenes, which makes gaining a holistic view of the client and his or her accounts next to impossible. Bad news, though – your clients don’t care that you have legacy technology slowing down their account transfers or forcing them to sign paperwork in-office. If you want to retain them, you simply must match or exceed the client experience offered by digital disruptor firms and the growing cohort of robo-advisors. Legacy Technology Can’t be an Excuse To retain valuable clients and increase coveted client referrals, wealth management firms need to adopt technology and processes which support a truly client-centric advisory model. To compete in today’s crowded wealth management market, firms need to offer clients a powerful combination of personalized advice and targeted 1:1 product and service offerings – when and where the clients need them. They need to empower their financial advisors with digital tools that they can take mobile for client-convenient meetings which facilitate goal-based conversations. Firms must take every opportunity to position themselves as unique value providers by enabling clients to achieve their goals as easily as possible. A Client-Centric Advisory Model 3
  6. 6. Making Your First Impression Count 4 Your clients are used to the effortless customer service provided by brands like Apple, Amazon, Uber and Netflix. To meet their heightened expectations, your firm needs to provide incredible client experiences during every routine interaction. Here’s how some of those experiences should look. Client onboarding represents an essential opportunity for advisors to create meaningful connections and uncover client needs, right from the get-go. Onboarding software can be used to automatically guide the account opening process and bring it online, while enabling your advisory workforce to go mobile. With the judicious application of this technology, your advisors can meet clients anywhere and open accounts faster and more accurately than ever before. With the paperwork out of the way, your advisors are free to have real conversations with clients and uncover the key cross sell and upsell opportunities that are so critical to address in the first 90 days of the relationship. Starting the Relationship on the Right Foot A Personal Touch: Welcome Letters and Packages To make every client feel valued, your firm should provide them with a welcome letter from senior leadership to demonstrate appreciation and understanding of the new clients’ business and the firm’s commitment to service. For maximum impact this should accompany a personalized welcome package designed to contain only forms and information relevant to their particular accounts and circumstances. Customer Communications Enabled by Digitization Day 1 Day 2 Day 14 Day 45 Day 90Day 30 Day 60 Day 365 Account Opening Personalized Welcome Kit Delivered via client’s preferred channel Outbound Client Communication Introduce additional products and services Questions comments concerns Personalized e-Statements with Relevant Offers Engagement Call Relevant offers Asset transfers Follow-up Email on Cross-sell Offers Call/Email to Ask for Referrals Anniversary Phone Call & Gift
  7. 7. An exceptional account opening experience should be followed with a series of personal touchpoints during the first year of the client lifecycle. Recent studies suggest that most clients prefer a scheduled meeting with their primary wealth management advisor at least quarterly3 . These touchpoints offer your advisors an opportunity to deepen relationships and help clients select products and services that address their changing needs. Leveraging wants and needs identified during onboarding that can help guide these conversations. Deepening Your Client Relationship Today’s increasingly digital clients expect to access information about their wealth quickly, via any device, at every point during the client lifecycle. To keep them happy, you need to offer them access to all their financial documents easily, through their preferred channel, and be ready to answer their account-related questions immediately, 24/7. You have to issue statements and reports to your clients to meet regulatory imperatives, and you know your clients review them - so why not transform boring statements into attractive, Business Statements Worth Reading Keeping Information at the Client’s Fingertips 3 Delivery Channel Preferences: How HNW Clients Prefer to Interact with Wealth Managers CEB TowerGroup 2011 The Reimagined Client Experience easy-to-read communications with personalized content and 1:1 targeted marketing messages on them? Your clients will appreciate the improved look and feel, and you’ll benefit from increased cross-sell rates. 5 Client preferences for ongoing, personal interactions are going unanswered. 77% of firms still only require an annual review with clients. - CEB, 2014 Advisory Experience Diagnostic “ ”
  8. 8. The Right Technology Your firm’s success hinges on the relationships your advisors build and the trust your clients have in your organization. With the right technology, you can help your advisors do more of what they do best, by getting the non-revenue generating busywork out of the way and enabling them to uncover, document, and act on client needs throughout the client lifecycle. Brings it All Together
  9. 9. Doxim has been servicing the needs of diverse wealth management firms for over 15 years, delivering unique and finely tailored solutions that help clients compete in today’s challenging landscape. Doxim’s fully digitized, integrated Cilent Engagement Platform increases your AUM by helping your advisory teams take advantage of cross-sell and up-sell opportunities. By digitizing key business processes, the Doxim Client Engagement Platform eliminates the costs of traditional paper-based, manual processes and enables you to cost-effectively provide omni-channel service experiences that improve client satisfaction. 7 Wealth Management Technology from a Company that Understands Your Business The Doxim Client Engagement Platform includes capabilities to provide: Client Onboarding Streamline your account opening by using a mobile- enabled solution with a wizard-like interface that facilitates faster, more accurate client onboarding anytime, anywhere. Account Transfer By digitizing the account transfer workflow, Doxim helps simplify and speed up this complex and time sensitive process. It means transfered accounts are funded sooner, allowing you to add value right from the get go. Advisor Onboarding Advisors access a segregated environment with workflow and document generation capabilities. Designed to help them identify tasks prior to officially onboarding client account information, while ensuring regulatory standards are met. e-Signature Support Provide clients the flexibility of e-signing documents securely on their computer or mobile device. It meets their demand for a digital experience and helps complete account opening faster, reducing abandonment rates. Enterprise Content Management Consolidate and share information through a secure, centralized content repository, and make any and all documents available to clients through your brokerage portal.  Personalized Statement Marketing Improve the effectiveness of your marketing by placing targeted, relevant marketing messages directly onto statements, improving your cross and up sell rates. e-Statements Provide your clients’ with convenient, cost effective e-Statements that can be accessed online securely 24/7. See Doxim Wealth Management Solutions in Action
  10. 10. Doxim is a leading provider of SaaS-based customer engagement software for wealth management, credit unions and community banks. Doxim’s Customer Engagement Platform helps financial institutions transform their client experience, communicate more effectively throughout the client lifecycle and improve cross sell and upsell activities that drive increased wallet share. The platform addresses key digitization challenges, from automated client onboarding, through improved, personalized communications to anytime, anywhere content access, tailored to a clients’ channel preferences. This eliminates costly traditional paper-based, manual processes and enables cost-effective provision of an omni-channel experience that delights customers and improves their long-term loyalty. Find out more at