Blog / Wealth Management

Personalisation - it’s everywhere. The way we buy music, watch films and TV programmes, travel, shop - and so much more. Empowered by digital devices like Google and Alexa, we’re getting used to being able to dictate what we want, how we want it, and when.

It’s given rise to an era of mass personalisation - an era where technology is able to offer a truly personalised user experience where we can pick and choose the set up, data or overall feel of something to suit us. Ultimately it’s about being offered and having a choice.

The desire for choice is growing but, despite what you might think, offering it doesn't have to be labour intensive and costly to achieve.

Digital advances mean tailoring to a client’s individual needs is relatively simple. So if your approach to personalised service relies purely on extending face-to-face services, you’re missing vital opportunities to build better relationships with clients by giving them what they really want.

Knowing what your clients want

There are digital tools available that can interpret customer behaviour to help you do this. The increasingly sophisticated data they provide allows companies to provide relevant, tailored services to consumers in a way that simply wasn’t possible until recently.

Part of it is also understanding how your clients like to use technology in other areas of their lives. ‘Personal assistants’ like Google and Alexa can respond to our every request or command. We can use our phones to control our central heating and lights and check what’s in our fridge from wherever we are in the world.

We can use real-time data, such as that from energy smart meters in our homes, to compare products and services and find us a better deal. So, it makes sense that consumers will want to use these tools to also connect with their finances, like a simple check on how their investments are doing.

"Those that continue to view their customer base as one generic mass will soon alienate a large chunk of them."

One size no longer fits all

Firms that don’t offer at least some degree of personalisation or customisation risk losing the trust and loyalty of their clients. Those that continue to view their client base as one generic mass will soon alienate a large chunk of them, especially if they persist with one-size-fits-all products and services that will invariably be irrelevant to many of those clients.

If you need any more convincing, we’ve compiled our 9 top reasons why you need to offer a personalised experience, and why that experience must increasingly be digital.

9 reasons why digital personalised experiences are crucial

 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.


"Personalised service propositions are no longer just an optional extra."

These are just some of the reasons why personalised service propositions are no longer just an optional extra for wealth managers. They are essential for any firm that values client relationships and want to build a long-term customer base.

None of this involves abandoning the strengths of traditional face to face models but complementing the existing proposition and quality of service by using digital technology to get the best out of the business. And if the balance between a tech driven personalised service, and a face to face personalised service is managed correctly, it will ultimately deliver a better customer experience.



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