Stop the Churn! Boost Client Loyalty with Wealth Management Technology Solutions for Modern Statements

by | Nov 13, 2023

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 We can’t understate the importance of a well-designed statement. They’re an incredible opportunity for engagement as they have a 95% open rate, with 85% of clients reading their statements more than once. But, to retain today’s clients, it’s crucial to organize information in a way that guides the eye, makes statements easy to read and understand, and highlights any actions required. Not only can you lower production costs and reduce page count, but you can also reduce customer complaints, which contribute to increased retention and lower client churn.

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 Accurate, personalized data significantly impacts retention, especially for millennials and Gen Z clients. Statements can include targeted, data-driven content blocks with messages or offers that speak directly to the individual. By leveraging HTML, you can include relevant, interactive charts and links to other information that delivers valuable financial information to the client. Interactive video is also the perfect tool to keep clients engaged. Video statements are personalized with client details and interactive capabilities can even allow clients to select from options provided and chart their own customized journey and outcome. Remember: 67% of customer churn is preventable if the issue is resolved at first touchpoint. Personalized, interactive video addresses churn at every touchpoint.

Mobile Engagement Anytime, Anywhere

Closeup of group using phones In addition to leveraging digital formats, mobile-first engagement is imperative to attract and retain your client base—from millennials to Gen Z and beyond. This modern-day approach allows clients to stay connected and access statements, and digital notifications, wherever and whenever they like. The benefits of a mobile-first approach speak for themselves. With high open rates, personalized information, and targeted campaigns, it’s no wonder that wealth management firms can see a significant increase in revenue. The truth is businesses that seek to adopt a mobile-first strategy see an increase in revenue up to two times faster than those that don’t. The bottom line? Clients want a seamless, personalized experience from start to finish, and when provided, it not only increases retention, but it reduces churn.

Looking to stop the churn? Reach out and get advice from a Doxim specialist on how to boost client loyalty today!

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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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