In my previous post, I discussed the wealth management industry’s apparent willful cluelessness when it comes to technology, and how it seemed as though the world around us has passed us by while we stood still. I also mentioned that our complacency is undermining the opportunity before us to vastly enhance client experience, improve profitability and increase capacity through technology.
Picking up where I left off, I thought I’d provide a list of a handful of examples of how technology might make your lives easier and, in turn, make your clients’ and prospects’ lives easier. Simply put, technology can result in a superb client experience while reducing overhead.
Speaking of client experience, it goes without saying that how you make your clients feel is of utmost importance. Outside of investment performance perhaps, what your clients experience while interacting with you, your employees and your technology is the only thing that they “see” and are able to evaluate.
Remember as well that you are trying to create a positive experience not only for your current client base but for the up-and-coming (and perhaps largely ignored) demographics — people under age 40 and women. You can offer them an experience that’s simple, smooth and fun. For that, you need more, not less, smart use of technology. The next generation of clients will likely be unforgiving of a client experience filled with friction and unnecessary movements like signing pages of paperwork.
Admittedly, the list below is far from being exhaustive or cutting-edge, but a tiny sample of how technology can help your firm provide an awesome client experience while reducing overhead.