Old practices in wealth management just won’t cut it in the evolving financial advisory landscape of the 21st century. In Asia, old school wealth management firms are seeing their competitive advantage drop as fintech companies offer their competitors new solutions. To avoid being pushed out of the market by lower cost and higher efficiency solutions provided by fintech-powered firms, old-school wealth management firms need to partner with fintech companies or adopt their technology. We have identified four key segments of the wealth
management workflow where leveraging technology will impact the most important deliverable in business: client experience.
1. Client Onboarding
The client onboarding process is arduous and requires an increasing amount of paperwork - taking up too much of your adviser's time! From the client’s side, one major problem is waiting for the “permission” to get advice. This can be frustrating and could result in financial losses. From the business’ side, the time lost means your advisers are busy filling out information on seemingly endless forms instead of providing their real value: finding the right financial information and providing it to the client.
2. Portfolio Management
Optimizing client’s portfolios based on their risk profile and market conditions, then reporting the information also takes unnecessary time and manpower. Digital advisory tools can automate this workflow, especially helping with the initial screening processes. When your company aggregates client portfolio holdings, for instance, your advisory teams are better able to provide consistent and meaningful insights to clients’ financial decisions. And thus, relationship managers can better cater to the client’s needs.
3. Investment Monitoring
Constantly keeping an eye on every development that could affect your clients’ portfolios, while offering each one comprehensive service is very nearly impossible. One of the best things advisory firms can do to keep track of the markets is to filter news and take advantage of automated news-reading mechanisms.
4. Idea Distribution
With digital platform archives and cloud-based distribution systems, wealth managers can connect better with the rest of the company and their clients. This improved connectivity ensures everyone has the most up-to-date information and minimizes the amount of missed emails. This streamlined workflow gives relationship managers more time to develop investment strategies and talk to clients as they do not need to spend as much time looking through research.
Just Service Global provides customized technology-based solutions encompassing all of these areas. In association with Just Jenius Technology, Just Service Global has the technical acumen to build it all: from automated portfolio review software, to custom client relations management platforms, to mobile apps. This gives financial advisors the opportunity to provide exciting products and better service to their clients. For more information, please email email@example.com or visit our website at www.justserviceglobal.com.