Taken from this LinkedIn post by Dean Casey
Wealth managers, I’ve got a hard truth for you:
Your clients want better digital experiences. Here’s what the data says:
89% of ultra-high-net-worth individuals, Baby Boomers and Millennials all said they would have a strong preference for mobile app engagement.
(from Refinitive research, quoted by April Rudin )
more than 70% of clients will leave if wealth managers don’t improve their digital offering
(summarised from a research report by Compeer Limited in partnership with moneyinfo)
But you’re resisting. Why?
When I talk to wealth managers, all I hear is:
“My clients don’t want tech. They want to talk to me.”
or
“Client app, thats the last thing I want! If they can see their portfolio values more easily then they will be phoning me all the time. Especially during a volatile markets.”
I completely understand and fully agree. Your personal service is why you clients trust you with their investments, a part of their lives that is very important to them.
But here’s the catch.
Providing your customers with a digital offering is about YOU and not them!
Why?
Your time is not infinite or scalable
Clients get frustrated waiting for responses
You can’t monitor and track client interests
You’re losing to competitors with better tech
Makes for easier compliance and audits
Still confused? Imagine the following scenarios:
Old manual process
The markets have a bad day. So, what happens.
All your client’s are calling to ask: “My investments are shrinking. You said this wouldn’t happen….”.
You spend the next 30 min calming them down, re-assuring them that market cycles are normal.
You provide a bit of education “It is the long game and compounding that counts”, and that it is not “timing the market but time in the market”
And so it goes on for every client.
Another day wasted!
New digital offering
The markets have a bad day.
But no problem, on your command your digital service searches for all clients with exposure to that market.
It sends a personalized, reassuring message to each client BEFORE they contact you.
It lets them know you’re aware of their exposure and you are monitoring their investments.
At the same time adding a message tailored to their emotional needs, offering advice and financial words of wisdom?
How many hours would that save you? Would that make a digital offering valuable to you?
And,
Your clients would feel positive about your personalised service. Enhancing your brand so your stand out from the crowd
When you embrace digital tools, amazing things happen:
Automation becomes the core part of your operation
Managing a growing client base becomes easier
Your service quality improves as you scale
You create a paperless, compliant environment
Remember: Digital platforms aren’t a threat to your value as an advisor. They’re an opportunity automate your business and to deepen engagement by meeting clients where they are.
Embracing tech doesn’t mean losing the human touch. It means using tools strategically so you can focus on what really matters: building strong client relationships and delivering top-notch financial advice.
What are your thoughts on offering a digital customer experience? Let me know in the comments below.
Next week, I’ll give you a simple step by step guide to building your digital customer experience
Stay tuned and have a great weekend!
PS Would you like me to do a free review of your customer experience? Contact me to setup a call.