1. Clients value choice - just face to face or phone is no longer enough; give them alternative ways to stay in touch with Skype, video-conferencing and ‘chat’ apps.
2. If not prefered, it will be expected - certain clients may prefer traditional channels, but they will likely be more than comfortable interacting digitally. It’s expected as an option and a key service differentiator.
3. One size doesn't fit all - those who don’t require control or involvement may particularly value the ability to contact their adviser by mobile app, customers who are more proactive, involved and interested may place a greater premium on digital features such as performance tracking and trade execution.
4. Clients want access 24/7 - the ability to engage with clients when it suits them outside the usual 9-5 is essential. This doesn't mean phone calls at 2am, but the option for digital access via a secure portal whenever they want it. Precisely which services depend on you and the individual client.
5. Show them you know them - using the data you hold on clients, along with what you know about their likes and dislikes, a digital client portal can deliver more tailored and relevant content. Clients can choose when and where to engage, and have more reason to do so.
6. Greater transparency - giving clients access to summary or detailed information on fees and any documents that have been shared between you and them, makes them feel connected and involved.
7. More meaningful reporting - from an accurate understanding of their needs and objectives. What’s more you can deliver it with the regularity that suits the customer. Some may want to be kept up-to-date with everything while others prefer not to be bombarded with everything, you can tailor your services accordingly.
8. Educate and engage - the ability is there to offer insights and information relevant to each client’s individual goals. Digital tools can help clients engage more confidently with their finances, both on a personal level and in terms of education and information.
9. Strengthen your relationships - wealth managers that use data to understand what clients want and how they behave will be able to anticipate their needs and even provide solutions to problems before they are crystallised, strengthening relationships and trust in a way that’s familiar in other sectors, but currently untapped in wealth management.