How Modern Wealth Management Statements Can Address Generational Disappointment and Stop Churn
It’s no secret that when it comes to customer communications, engagement, access to information, and ease of doing business, wealth clients are continuing to raise their expectations. Many will switch providers to get the experience they’re looking for. The good news is it’s possible to stop the churn. By modernizing your statements and engagement you can delight your clients by delivering highly personalized and relevant information that provides additional financial value, boosts satisfaction, and strengthens loyalty.
A Fresh Design
![Professionals working at a laptop on a new design](https://www.doxim.com/wp-content/uploads/2023/11/professionals-working-at-laptop.png)
Address Generational Disappointment in Digital Experiences
Providing a better experience means shifting clients to digital, but this involves more than a simple switch from print to pixel. Based on a recent survey, it’s clear that specific segments of generational wealth clients, like millennials and Gen Z, need more regarding their digital experience:
- Less than 60% of millennials and 40% of Gen Z clients reported positive digital experiences; and,
- slightly more than 60% of millennials and 40% of Gen Z clients said they planned to continue digitally engaging providers.
Poor digital experience amongst these generational segments is caused by receiving irrelevant statement information, misspelled names and details, and a lack of channel options, all of which cause clients to switch providers, resulting in client churn.
This data is crucial because it tells us precisely what these client segments look for in a service provider: relevant and personalized information, consistent experience across ALL channels, and the flexibility to choose where and how they receive information.
While multiple generational segments make up your wealth management firm’s client base, it’s imperative to look to the future. Modern statements are no longer ‘nice to have,’ they’ve become a critical component of the client experience and an opportunity for retention and continued growth.
Curious to know more about the different customer communications needs and preferences of every generation, from Boomer to Gen Z?
Look to our playbook on The Future of Wealth Management Client Communications (A Generational Approach) for impactful communication strategies for every generation of investor.
Personalize Content from A to Z
![Group of millennials on laptops and phones](https://www.doxim.com/wp-content/uploads/2023/06/Millennials.png)
Mobile Engagement Anytime, Anywhere
![Closeup of group using phones](https://www.doxim.com/wp-content/uploads/2023/11/closeup-of-hands-using-phones.png)
Looking to stop the churn? Reach out and get advice from a Doxim specialist on how to boost client loyalty today!