Digital transformation for customer communications

Introduction

The Time to Prepare for Generational Wealth Transfer is Now

The Time to Prepare for Generational Wealth Transfer is Now

How prepared is your firm to take advantage of the changing world of wealth management? Do your advisors have the tools they need to interact successfully with today’s clients? Most firms need to find ways to increase advisor productivity and overall efficiency, says one recent study. The report, from SEI Investments Co., suggests that advisors spend up to 40% of their day on low value administrative tasks. That’s a tremendous waste of potential!

This dismal level of productivity isn’t the fault of the advisory teams. Many of them are contending with baroque business processes and outdated back offices that make efficiency next to impossible. One simple example of a business process that is ready for reinvention at many firms is client onboarding.

Advisors who manually input and re-input data are doing so at the expense of the client relationship. They can’t focus their full attention on uncovering and attending to client needs, and this has an effect on the firm’s bottom line.Once firms recognize this, the case for onboarding automation becomes immediately clear.

Today, your advisors have an increasingly complex job to do, as the industry moves towards a more holistic advice model. They need to deepen existing relationships, prove their value to new clients, offer meaningful, timely recommendations, and make connections to heirs before generational wealth transfer begins in earnest. Top-tier advisors can make all this happen, but only if your firm removes every outdated technological roadblock from their paths and helps them be as efficient as possible.

For wealth management firms, the time to digitize business processes and get enabling technologies in place is now, before generational wealth transfer begins in earnest. With an investment today, wealth management firms with visionary leaders will be well positioned with the tools they need to benefit when wealth starts changing hands. Will your firm be among them?

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