Wealth management is always evolving and so are the clients. The needs of your clients will always evolve over time, along with the technologies used to service them. It is up to you and your business to adapt and fulfill the needs of your clients.
Luckily, technology is becoming more of a useful tool in finance thanks to artificial intelligence and more robust software. Back in the not so distant past, firms would need several software products to play well with each other. However, it is still up to you to determine how to adapt and this article will assist in determining points of interest.
Quality Data
To anticipate what your clients will want next, you need to have quality data. Data is the bread and butter of research and can help foreshadow what lies ahead. The goal with data is to have as much of it at your disposal. From there, board members and managers can begin planning for adaptations.
The issue right now is some data is still not being tracked or there may not be software readily available. Be sure to inspect your software to ensure it can facilitate future needs.
Understanding the Why
Next, you as a wealth management firm need to understand why. These are some of the reasons why individuals switch wealth management providers.
- 61% switch due to losing a job or changing employment.
- 48-49% seek a new provider after getting married, having children, receiving an inheritance, or starting a business.
- 43% change advisors after a divorce/separation.
- 38-39% get a new advisor after sending kids to college, buying property, or retiring.
While these seem like negatives, these are opportunities. You can position your firm to catch many of the migrating clients by offering services others are missing. Tying back to quality data, armed with this information can really help in organic growth.
Custom Solutions
Lastly, you can adapt using these two points to create custom solutions. By having the tools and resources at your disposal, you can quickly cater to your client’s needs. The ability to change and update items in-house is a competitive advantage. You can identify things such as age and portfolio goals. As clients age, they tend to take risk off the table, meaning you can anticipate the change.
If you find that you and your firm could use a boost or updated wealth management reporting software, look at the products offered through Reportwa. By bringing customizable software in-house, you can save time and money, all while providing your clients with the best value possible.
