Being human in a tech world

November 14, 2019

Attracting new clients is a challenge for many wealth managers. Focus’ Head of Business Development, Peter Dingomal asks: “How can technology make it easier for you?”

Personal relationships and the ability to deliver expertise face-to-face with clients has traditionally been at the heart of wealth management services. While this is still crucial, attracting new clients in a digital world is becoming a major challenge. Fail to take advantage of technology and you are playing catchup.

While many recognise the advantages that technology can bring to their businesses, there are still fears that it will be costly and time-consuming to get new systems up and running. In the wider sense, technology like roboadvice is viewed as a threat to the best discretionary or advisory services because it sacrifices personal relationships and quality of advice for lower barriers to entry.

Yet competition for client assets means counting on the human element or personal relationships alone in a tech world may be missing a trick. Having the right multi-faceted array of tools is more important than ever before and technology is at the heart of it. Not only can it improve your back-end operation it can also improve your client-facing offering too, which is crucial particularly when attracting not only new clients but a whole new generation to drive revenue and remain competitive.

The 2019 Credit Suisse Next Gen YIO survey* reported that 59 per cent of Next Generation inheritors wish they had more open discussions about wealth and 69 per cent say their families would benefit from more communication tools. Clearly technology can help here, not to get in the way of traditional client discussions but to bolster and diversify them.

At Focus this is exactly the type of solution we have been building. When it comes to attracting new clients, what we believe wealth managers want is technology that is highly configurable and fully auditable with comprehensive MI & management reporting. It should help you to manage clients from prospect, through to onboarding and into ongoing relationship management.

We believe Focus:wealth is best-in-breed because it does all this and more. Not only can you design and manage your own workflows, the platform also enables you to create personalised suitability letters and tailor communications at individual client level. So while building and managing relationships is central to wealth management, software solutions such as Focus:wealth can play a central role in bolstering and enabling this process to become more productive, efficient and successful in attracting new clients.

Focus:wealth is designed to simplify, streamline and automate business processes supported by the most extensive end-to-end capability so that  wealth managers and their clients can achieve their goals with the minimum of effort.

We know it can be challenging for wealth managers to find a technology that delivers a range of solutions to help them build lifetime client relationships and transform customer engagement. It can be too time-consuming and there are too many disbursed solutions. We therefore encourage you to test Focus:wealth, our next generation solution to attract and retain the next generation of wealth clients.

To find out more about how Focus Solutions products can help your business, please contact enquiries@focus-solutions.co.uk

 

*https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-joins-forces-with-yio-to-launch-next-generation-re-201905.html