The wealth management industry is undergoing an evolution, both in terms of client needs and the availability of tools that can help firms manage customer experiences more efficiently. As clients grow accustomed to the ease and flexibility that digital technology offers in other industries, they’ve come to expect similar conveniences when it comes to their interactions with advisors. At the same time, advisory firms want to improve customer experiences while managing cost by reducing administrative burdens and driving operational scale.
Increasingly, wealth management firms are seeking digital tools to help them tackle both emerging challenges together. These solutions have the potential to make wealth management offerings more attractive to clients seeking a more seamless and convenient experience. They could also help increase firm productivity – and profits – in 2022 and beyond.
Recently, WealthManagement.com and Informa Engage surveyed advisory firms on behalf of Salesforce to understand their use of technology tools and metrics to support their practices. They found an increasingly technologically savvy industry that is looking forward to further leveraging digital tools.