Powering personalized engagements
Wealth managers, understandably, have made more advances integrating platforms than orchestrating experiences. Connecting systems via API ― with the support of vendors and system integrators ― is a more straightforward proposition than creating wholly new experiences.
Moreover, some of the solutions required to do so, such as customer communications management and enterprise content management systems, aren’t yet table stakes for wealth management ecosystems. Yet, the power of digitizing collateral and communications can unlock value for wealth managers by creating more data to power personalized engagement.
Take forms, for example. They aren’t necessarily just a regulatory requirement to open an account; they’re also a great way to capture actionable intelligence on clients and prospects.
Leading-edge wealth managers aren’t limiting themselves to digitizing paper. They also parametrize the data elements within to flexibly and holistically create a fuller picture of their clients.
This concept applies to marketing, too. Investors are conditioned by their experiences with e-commerce pioneers such as Amazon and Netflix. They expect to be catered to as a segment of one. Moreover, wealth managers face a unique burden in the degree of regulatory scrutiny over bread-and-butter marketing. Collateral must also be parametrized to balance personalization with scale and compliance.
Wealth management is going through a period of rapid evolution around client engagement. Best-of-breed wealth managers are enabling their advisors with digital engagement solutions that allow them to provide clients with holistic approaches to a client’s total financial wellness — more than just investments, they encompass cash, credit and risk solutions.
These solutions are fed by ongoing data capture through dynamic forms, data feeds and process-orchestrated data capture through advisor and client interfaces. API integration and a “hub and spokes” model with orchestration overlaying them make this process seamless for the advisor and the end client. This enables the institution to promptly direct data to the appropriate advisor tools, driving optimal engagement and client experience.
David Himmel is a Senior Associate at Datos Insights. In addition to broad support for the Wealth Management practice, he produces the team’s regular market sizing and benchmarking reports, and covers how channels within wealth management are evolving and converging. David brings prior experience in research and consulting to Datos Insights, primarily at the intersection of financial services and technology, and earned a bachelor's degree in political science from Lesley University.
Andrew Besheer is the Practice Director for Wealth Management at Datos Insights, collaborating with the Advisors of the Wealth Management practice to grow the business and deliver exceptional insights and services to clients. Andy has a passion for helping clients define go-to-market strategies for wealth management and wealthtech, as well as digital transformation, operational efficiency and process management.