Wealth management companies are looking at digital avenues to engage their clients. The industry is
changing rapidly with the advancement of Fintech start-ups. The consumer demand is driven by the
digital technologies. The wealth management companies are revamping their offerings in line with
the changing consumer trends and demands.
According to a Royal Bank of Canada Survey, 82% of high-net- worth individuals in Asia Pacific expect
their wealth management relationship to be conducted entirely or mostly through digital channels,
while 83% of them said that they are far more likely to leave wealth management firms that cannot
offer an integrated digital and direct channel experience.
When clients are registered on the portal, the wealth management companies can analyse
patterns of data. They have access to data and information that allows them to compute ROI
across sectors, clients and locations. It helps them present clients with the best investment
opportunities, present them with concrete reports and customised portfolio services.
Knowledge center allows companies to educate their clients on financial matters. The
organised way of sharing information, investment tips, webinars etc can be achieved
through knowledge center. The knowledge center allows companies to share articles,
Infographics, white papers, audio podcasts and videos with the clients. The clients get
organised information for finance with this service.
Good marketing is driven by customer needs. The wealth management companies get all
information about clients that helps them come up with customized products and services
for clients. These companies can make suggestions based on clients’ financial goals,
investment horizon and current investments.
The companies can sell their products and services through integrated ecommerce portals,
which is only accessible to the members. Tax planning, consulting, returns filing, mutual
funds, real estate, & other products can listed on the portal.
The portfolio management portal gives clients the necessary tools for financial planning. It
also prompts them to take actions to meet their goals. The clients also get to see whether
how they rank against others on the portal. For e.g. whether they are doing average, above
average, among top 10% etc. The portal is an essential tool for urging clients to take the best
route for securing their financial future.
The financial lockbox is a digital locker for organising all important documents. It is a highly
secured way of keeping your financial documents in digital form with you. All investments
like real estate documents, bonds, provident funds etc can be stored here. The financial
lockbox provides accessibility for important documents as and when needed.
The wealth management company can leverage digital tools for interacting with the clients.
The portal allows them to invite clients for seminars, conference and events. The
personalised invitations are sent to all members on the portal. These members can confirm
and attend the events. The planning and logistics are simplified using wealth management
The portal gives tools to clients where they can interact with portfolio management
company realtime. They can chat, message and communicate through video conferencing
tools on the portal. The wealth management companies typically have support and
administrative staff looks into these matters. This increases client engagement and also
opens up good business avenues.
The wealth management companies are able to build their member communities using the
online portal. The members registered on the portal help these companies create organised
groups and meet-ups. The portal helps create online and offline interactions, events and
builds up a strong community of like minded people.
The digital acquisition and servicing of customers gives the wealth management firms a
significant advantage. These companies are able to improve their reach across locations
using technology and also retain more customers using digital tools. The omni channel
interactions, digital marketing driven by analytics & improved client engagement lead to
improved market share for companies.
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