Digital transformation for customer communications

Introduction

Invest in Client Communications, and Clients Will Invest with You

Invest in Client Communications, and Clients Will Invest with You

TTechnology in the hands2015 is shaping up to be a challenging year for wealth management firms across the globe. As EY’s 2014 “Global Wealth and Asset Management Industry Outlook” predicted, firms find themselves in an increasingly competitive environment, with evolving regulatory burdens and mediocre markets. EY also observes a client-related problem, as firms become trapped between baby boomers who are slowly retiring and focusing on capital preservation, and younger clients who have repeatedly expressed a distrust of the wealth management industry.

Michael Kitces observes similar challenges when he notes that RIAs need to comply with regulatory change, pick the right technology, and differentiate themselves from their competitors to survive and thrive in 2015.

A bit of good news here is that emerging technologies in the wealth management field make it easier and less expensive than ever to differentiate your brand and win over skeptical clients and prospects. At Doxim, we remind firms to get the right message to the right client via the right channel to get the best results, whether that means sending eStatements to millennial clients who live online, including targeted, relevant ads on the paper statements of your older clients, or making sure that your new client welcome kits contain articles of interest to your client’s demographic.

Personalizing these routine communications can help your firm improve client relationships and increase AUM, and automating your communications can also help you comply with regulatory changes.  It’s a win-win situation. And hey, if 2015 is the year your firm revamps its approach to customer communications, why not give us a call? We’ve got over a decade of experience in the field, and we’d love to discuss communication strategies with you.

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