The Value of Omnichannel Customer Communications in Wealth Management

by | Mar 31, 2021

Wealth Management Organizations Can Improve Investor Experience With Innovative Omnichannel Customer Communications

When it comes to financial services, client expectations have evolved quickly and in a short space of time. Wealth management organizations, in particular, have been impacted by this trend.

Macro-economic factors, such as the pandemic, have contributed to the evolution, but so have new market entrants, fintech companies and the growing popularity of low cost, digital-first competitors like WealthSimple and direct investing in general.

To compete, traditional wealth management companies need to invest in retaining the investors they already have, while also providing the services and experience that will increase the share of investor portfolios and attract new investors.

“The intensified competition among incumbents and new entrants presents clients with a multitude of options for wealth management providers, heightening the pressure on firms to continuously raise the bar for satisfying client demands.” – EY’s Global Wealth Management Research Report

A core component of investor CX is related to how well wealth management companies communicate with investors.

Omnichannel customer communications in wealth management is thus a key customer/investor experience strategy It allows organizations to communicate seamlessly across all print and digital options, according to the investor’s personal choice of channel and format.

Prioritize quick wins within a long-term omnichannel customer communication in wealth management strategy.

Omnichannel customer communication is a long-term, complex goal. It can however be divided into smaller projects that deliver quick win improvements to CX, which still contribute to the broader strategy.

Quick win #1 – onboarding

Select an investor journey that directly impacts the ability to retain investors and work to enhance all customer communication across that journey.

For example, investor onboarding – when done right, the onboarding process makes a new investor feel welcome, tells them what to expect, and sets up the relationship for the future.

Quick win #2 – redesign

Redesigning investor documents that are not user-friendly can make an immediate, positive impact on CX. The wealth management industry is known for using a lot of jargon, compliance language and data. Not all investors have the investment knowledge (or inclination) to make sense of this information.

Documents like statements should be simple to understand and provide the most important information upfront. Investors who want the detail can then delve further into the data.

Quick win #3 – preferences.

This may seem obvious, but when last did you ask your investors to state their personal preferences for communication?

This exercise can address two requirements – firstly, to record the channels and formats that each investor prefers, and secondly, to provide insight into what channels and formats investors want that your company doesn’t yet provide.

Quick win #4 – fill the gaps

A review of critical investor journeys will identify gaps in your communication strategy that are potentially causing friction in the client experience.  Investor communication should consider the potential turmoil and stress investors are feeling, coming out of 2020. It should address the emotional/human side of recovering from the economic downturn and other personal situations that may have impacted their lives.

While addressing the quick wins outlined above, it’s imperative that stakeholders keep their organization’s overall CX strategy in mind, as well as the reality that investor’s needs are not typically being met by one provider. Research shows that investors use on average 5 different wealth managers to address their full investment needs.

The objective and real opportunity, therefore, is to not only retain the current relationship but to deliver a great experience that encourages investors to consolidate their wealth management needs with you. The right solution for your Investor communications can help make it happen.

Let us help you deliver a great omnichannel customer communications experience, so investors turn to you for all their wealth management needs. CHAT TO A DOXIM CCM EXPERT

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Scott Biel
Scott has 25 years of experience in Customer Communications Management (CCM), with a primary focus on delivering exceptional results for the financial services industry.In his current position as VP Sales, Financial Services North America, Scott leads a team of sales executives who sell Doxim solutions to the financial services industry, including Wealth, Insurance, Banking and Credit Unions.Scott leverages his extensive knowledge of CCM, regulated and financial services to improve customer experience, drive operational effectiveness and achieve cost optimization through digital technologies.

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