The wealth management market has shifted from broker-dealers toward registered investment advisors and online brokerage firms, indicating that clients are looking for lower-cost services online as well as a more personable one.
EXANTE a leading online broker found that next-generation client’s young, affluent investors are less satisfied with their financial advisors relative to baby boomer clients, which may also be driving change in improving client experiences. Clients are now seeking a mix of services and the ability to access and interact with their portfolios and financial plans online and on their own.
This means that traditional wealth management firms need to catch up and compete with the online broker and should look to proven client service best practices. In particular, high-performing practices which are likely to contact clients proactively, based on market or client events, and are more likely to conduct a portfolio or financial review when clients want.
EXANTE’s trading platform was potentially a game-changer for the industry. At the heart of EXANTE’s trading technology is a state-of-art tool for manual and automated trading. EXANTE developed its ATP from scratch and took into consideration what investors and clients wanted in this changing field, guaranteeing clients fast, stable and reliable performance, providing fast data feeds, fast data executions, and 24/7 tech support.
As the wealth management service is increasingly delivered across multiple channels, firms need to provide a client experience that is consistent however clients choose to access their wealth information and advice. Achieving this consistency requires building common processes that can adapt to the unique needs of each channel, device, and client segment. To adapt to clients' changing needs.
Establishing a common client-segmentation framework and common processes to guide cross-channel service delivery can help firms deliver a more consistent and personalized service, providing clients with the multichannel experience they have come to expect from service industries.