Taken from this LinkedIn post by Dean Casey
Want to grow your wealth management business but don’t know? Spending too much time serving existing clients?
I recently helped a wealth manager grow their business AND reduce their time spent on each client.
The secret?
High-quality referrals! And in today’s digital age, the key to generating high-quality referrals lies in providing an exceptional client experience.
The cornerstone of this experience?
An all-encompassing digital wealth offering that put their clients in control of their financial journey.
And here’s a thought that might surprise you
The more digital tools you offer, the more personal your service can become.
Huh?
The Digital Paradox: Technology Enhances Human Connection
Digital tools free up your time from routine tasks, allowing more meaningful client interactions.
Monitoring user analytics provides deeper insights into your clients’ needs and behaviors.
Regular digital touchpoints (alerts, updates, messages) keep you consistently present in your clients’ financial lives.
The Power of a Digital Offering
A well-designed digital offering can transform your wealth management firm into a referral powerhouse. Here’s why:
24/7 Access: Clients can view their portfolios, track performance, and access important documents anytime, anywhere. This convenience breeds satisfaction and loyalty.
Personalized Insights: Leverage AI to provide tailored investment recommendations and financial planning advice, demonstrating your firm’s value beyond basic portfolio management.
Seamless Communication: Integrate secure messaging to maintain constant, meaningful contact with your clients.
Education Hub: Offer a library of financial education resources, positioning your firm as a trusted advisor and knowledge leader.
Goal Tracking: Implement visual tools that allow clients to track progress towards their financial goals, reinforcing the tangible value you provide.
Track user engagement: by monitoring the user’s journey through your offering and interactions with features, you can better understand their needs and wants.
Building Your Digital Offering 
Week 1-2: Building blocks – ensure you have all the necessary building blocks in place. For example: investment data, surveys of client needs, a list of KPI’s to measure effectiveness
Week 2-4: Roadmap – Build a digital services roadmap. For example: aim to start small with the basic client needs and plan to grow the range of platforms (web, mobile, AI) and features. Prioritize user experience and customization options.
Week 5-8: Development – Build and customise the offering to align with your brand and integrate it with your existing systems. Train your team on its features and benefits.
Week 9-12: Testing & marketing – Roll out the offering to a select group of clients. Gather feedback and make necessary adjustments. Develop a communication plan to highlight the benefits to all clients.
Ongoing: Make sure that this is not a once off exercise. It is reflective of your brand. Regularly update the offering with new features and content. Encourage clients to give feedback and share their positive experiences with peers.
By focusing on creating an outstanding digital experience, you’re not just satisfying current clients – you’re giving them a reason to rave about your services to others.
In just 90 days, you can transform your wealth management firm into a referral machine, driving sustainable growth and cementing your position as a leader in the industry.
Remember, in wealth management, word-of-mouth is gold. Give your clients something worth talking about!
Stay tuned and have a great weekend!
PS Would you like to have a chat and see if we can create a digital offering for yor business? Contact me to setup a call.
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