Adapt and Thrive: 3 Top Trends in Client Onboarding for 2018

Adapt and Thrive: 3 Top Trends in Client Onboarding for 2018

The wealth management marketplace is changing fast! With the arrival of FinTech challengers, the changing expectations of tech-savvy customers, and the shifting regulatory environment, wealth management leaders are being challenged to identify what the top firms will look like in 5 or 10 years, and how to make the right investments to keep their firms among them.

As a result of these shifts, many firms are looking at their client onboarding processes. They are evaluating how well these meet the needs of clients and advisors currently, and also how well they are poised to respond to changes in the industry. In discussion with industry leaders, here are 3 trends we  predict will influence client onboarding in wealth management over the next few years.

1. An ever-increasing focus on client experience. Today’s customers are busier than ever. They simply don’t have the time for long preliminary meetings, or to travel to an advisor’s office to sign paperwork. And when they do meet with their advisor, they want the focus to be on holistic financial advice, not account administration.

Tomorrow’s top firms are already responding to this situation by reducing the number of steps to onboard customers and maintain accounts, and by implementing technologies like e-signing and remote ID capture to keep office visits to a minimum. We also expect these same firms to explore cutting-edge technologies like biometrics, to keep their customer experience as streamlined and simple as possible.

2. More mobile options for an on-the-go user base. Smartphone use is at an all-time high, with 75% of adults projected to own a smartphone this year. And despite early predictions that smartphone use would be limited to the young, older consumers have increasingly embraced this technology as well, and adoption rates are projected to continue to rise across the board.

Responding to this trend, top firms are putting power into the hands of their customers by allowing them to do more on their mobile devices. For example, their customers can open accounts in a few clicks over their lunch breaks, without an office visit or phone call, or update KYC information from their tablet in the evening at home. And advisors are using mobile devices to provide anytime, anywhere onboarding as well, travelling to customer homes and offices with a tablet full of software, and leaving the heavy briefcase back at the office.

3. A new approach to technology deployment. Gone are the days of prolonged implementation projects for client onboarding. Today’s firms want to get up and running with client onboarding workflows fast, and we predict that they’ll expect even more agility from their onboarding solutions in the future.

An agile approach to improving onboarding will allow firms to get an onboarding and approval workflow in place, then adjust it based on real-work feedback, not just guesswork. By taking an iterative approach to onboarding, these nimble firms will be able to accommodate changes to onboarding caused by regulatory changes or evolving customer needs as well.

Are you planning your roadmap for successful client onboarding over the next 5 years? Join us for a quick look at Doxim’s client onboarding solution, built just for the wealth management industry. A Doxim expert will walk you through all the essential functionality of Doxim Client Onboarding and host a live Q and A, so be sure to bring all your questions.


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