What Your Wealth Management Clients Really Want From You

When it comes to wealth management services, not all organizations are created equally. Clients know what they want, and they aren't shy about asking for it, but their demands may differ. As a result, there is no one-size-fits-all service for wealth managers. Some clients believe they simply aren't getting what they want out of the ones they choose, either. 

As a financial advisor or investment group looking to expand or better maintain a client's investment portfolio, here's a more expanded and insightful idea of what they’re looking for and how you can better deliver for any clients that come your way.

Clients want more digital channels

Baby Boomers and Gen Xers are not the only target demographic to consider as potential clientele. Millennials are a growing segment, and as millennials show they are comfortable with digital options, according to the CFA Institute, ensuring your technological solutions are up to par is a must. Beyond these findings, nearly everyone has a smartphone these days (including the Boomers and Gen X), and wealth management services are tailoring their offerings so that it’s easier than ever to do just about anything on the go, from banking to ordering dinner. 

To remain competitive with other firms, you should ensure you're not still lagging behind with old and outdated processes and paper-based systems. Wealth managers need to offer state-of-the-art options, including:

  • App or web-based real-time reporting
  • Web-based or chat support
  • Simple signup features
  • Portfolio overviews available anywhere in the world

There are always additional ways to improve your offerings when it comes to clients looking for 

companies who can demonstrate prowess when it comes to innovation.  Technologically-inclined investors will be looking for these types of offerings, and if you can't deliver, they might decide to seek out wealth management options elsewhere – from a firm that can get with the times. 

Clients want better advisory capabilities

Clients know they have important assets that can't be thrust into the hands of any random individual. As such, they're discerning when it comes to advisors who can offer the most insightful and helpful missives regarding their portfolios. They’re increasingly environmentally and socially conscious, and they want investments to reflect their values.  As such, clients will seek out high value wealth managers who can provide better, in-depth knowledge and proactive recommendations.

It will be simpler to attract and keep clients seeking out wealth management services with advice that actually works. 

It's important as well to educate clients as much as possible, as that's something they're typically looking for as well. Other than offering advice, give potential investors information they may not have otherwise known about. 

Clients want transparency and effective communication

For clients, better transparency and efficient communication skills from their wealth management services are a must. This is true of many businesses, but especially when it comes to financial offerings.

 Ensure you're offering a positive client experience by following a few simple rules from Superoffice.com that anyone, regardless of industry, can appreciate:

  • Create a clear customer experience vision
  • Understand who your customers are
  • Create an emotional connection with your customers
  • Capture customer feedback in real time
  • Use a quality framework for development of your team
  • Act upon regular employee feedback
  • Measure the ROI from delivering great customer experience

Regardless of how much capital a client has, it's also important that their advisor respects them and their wealth. No one should be made to feel unimportant or as if they don't have enough money to invest. 

Also, when it comes to transparency, think about it from a client perspective. To the client, transparency is viewed in terms of performance and fees. If you’re transparent in your performance and fees, you’re on the right track.

Clients want quality information

Offering clients information that's safe and trustworthy should go without saying. Investment information that's clear, credible, and based on impressive track records based on personal experience is something all clients will be seeking out. After all, advisors need to be able to advise, and to do so means relying on accomplishments earned in the past. 

Therefore, it’s important to be able to demonstrate previous financial wins in the past to offer clients peace of mind about what you’ve accomplished in the past. Having all your data points and reports that can be accessed in a convenient place only helps your efforts in demonstrating that success.

Give clients what they want with TAMP1

For a wealth management service that can truly deliver everything clients are looking for and more, consider Empaxis’s TAMP1. TAMP1 is a Platform as a Service (PaaS) created specifically with wealth managers and their clients in mind. TAMP1’s client-advisor web portal  makes it easy for clients and advisors to instantly access investment details from a single place. TAMP1 also gives wealth managers the security and comfort in knowing their clients will be looking at accurate, reliable information on the latest technology.

TAMP1 is ready to meet your financial management needs. Find out more about TAMP1.

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