Digital transformation for customer communications


An Analyst Perspective on High-Impact Activities for Onboarding Success

An Analyst Perspective on High-Impact Activities for Onboarding Success

An Analyst Perspective on High-Impact Activities for Onboarding SuccessAre you putting emphasis on the right activities during the critical onboarding period? Today, client attitudes have shifted, and clients expect faster and more personal service than ever before. Onboarding activities which don’t answer these needs may no longer get the results you are looking for. In fact, recent CEB analyst research indicates some of the activities your firm usually performs may have no impact on client perception of your firm at all.

Focus on Speed, Accuracy, and a Personal Touch

CEB identifies several activities as having a high impact on client perception of the firm during onboarding. These activities include:

  • Fast account opening, including transfer
  • Ease of data collection for account opening
  • Welcome call or letter from senior management

Firms can meet client needs for account opening speed and accuracy by digitizing their onboarding processes. Digital onboarding workflows can even be leveraged to make sure a personal welcome call or letter happens every time an account is opened.

Worry Less About Newsletters and Client Appreciation Events

Not all client outreach programs are created equal. In fact, CEB research identifies invitations to educational events or seminars, invitations to client appreciation events, and receipt of the firm newsletter as having no impact on client’s perception of the firm at all. On the other hand, a high quality annual portfolio review does improve client’s perception of the firm, and should be conducted routinely.

Happy Clients = Increased Referrals and Wallet Share

Wealth management firms that take the time to understand client needs and provide a low-effort, highly satisfying onboarding experiences can double the number of client referrals they receive. Add to that the increased wallet share which is possible when advisors offer the right products and services during the onboarding period, and you have a clear case for focusing on high-impact client onboarding.

Read the full CEB Analyst Brief to learn more about what really matters to clients during onboarding.

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