Taken from this LinkedIn post by Dean Casey
Are client statements a headache for you?
Embarassed that your statements don’t reflect your quality brand?
Dreading the late nights getting them ready?
And then the inevitable client complaints and queries immediately after sending!
I hear you!
Over the last 25 years, I’ve helped more than 50 wealth management firms automate their customer reporting and enhance their customer experience .
Here’s my proven 5-step process to streamline your reporting:
Evaluate current processes – Assess if they’re meeting client needs and delivering on time.
Let’s dive deeper into this crucial first step. Here are some things to consider:
Are your statements consistently delivered on time?
Are your clients happy with your statements? Have you asked them?
Have you received any complaints about report data, clarity or usefulness?
Does your team spend too much time on report generation each month?
Are you still relying on manual processes to create and send them?
Are you happy that your statements reflect your brand and values
Any issues here are red flags!
Remember, the goal is to identify pain points in your current system. This sets the foundation for improvement.
Audit your data – Ensure it’s accurate, timely, and comprehensive.
Data is the lifeblood of effective reporting.
When your data foundation is shaky, everything built on top of it becomes unstable.
Here’s how to conduct a thorough audit:
Source verification: Confirm that all data is coming from reliable, up-to-date sources.
Accuracy check: Make sure you have data validation process that run after import.
Timeliness assessment: Track how quickly data is available after market close or end of reporting period.
Completeness review: Ensure all necessary data points (performance metrics, holdings, transactions) are available to create your reports.
Pro tip: Consider implementing automated data validation tools to catch errors before they reach client reports.
Create personalized templates – Develop custom modules tailored to individual clients or groups.
Personalization is key to standing out in wealth management. This is thought to be difficult but there are some simple tricks.
Segment your client’s : Group clients by their reporting needs e.g. investment strategy, risk profile, asset classes etc.
Create multiple report templates: Ideally a modular library of report sections (e.g., performance summary, asset allocation, tax analysis) that can be mixed and matched. However this can be an expensive so a simple option is to create multiple complete reports – one for each client segment.
Customised messaging: Tailor narratives and summaries for the client segment. E.g. for risk sensitive clients use more empathy.
Report template ideas: For high-net-worth clients with complex portfolios, you might include a detailed asset class breakdowns and other sub-sections. For retirees, emphasize income generation and withdrawal analysis.
Automate the entire process – Set up triggers to generate and distribute statements with minimal manual intervention.
Automation is where the magic happens. Here’s a step-by-step guide:
Data integration: Set up automatic feeds from all your data sources into a central store.
Trigger events: Configure your system to initiate report generation when new data arrives or on a set schedule.
Generation: Use your personalized templates & messaging and automate the data population and generation process.
Quality control: Automation is important but ensure a small sample of each report is verified by a human before the bulk send to clients. Better it catch an issue in-house than for a client to report it.
Distribution: Set up automatic email notifications with secure links to reports or client portals.
If automation is done correctly then the only manual part of this process is the quality control.
By automating these steps, you can reduce report generation time from days to hours or even minutes.
Gather feedback and monitor performance – Continuously improve based on client input and process metrics.
The job isn’t done once you’ve automated. Here’s how to keep improving:
Client surveys: Regularly ask clients about report clarity, usefulness, and desired additions.
Usage analytics: If using a client portal, track which sections clients view most often.
Internal metrics: Monitor time saved, error rates, and client satisfaction scores.
Iterative improvements: Use this data to refine your templates and processes often.
The goal is continuous improvement. What works today may need adjustment tomorrow as client needs evolve.
This approach transforms reporting from a tedious task to a value-added service.
Remember, it’s not only about efficiency – it’s about enhancing your customer experience and elevating your client relationships.
Implementing these steps can lead to happier clients, reduced workload, and increased business growth.
Ready to take your wealth management firm to the next level? By following these steps, you’ll not only streamline your operations but also provide a superior client experience.
In my 25 years of experience helping over 50 wealth management firms, I’ve seen firsthand how improved reporting can be a game-changer for business growth and client satisfaction.
Stay tuned and have a great weekend!
PS Would you like to have a chat and see if we can enhance your customer reporting? Contact me to setup a call.