Financial Advisory

Financial Advisory

Expert: James Rawson, INVESCO Perpetual                                                     capgemini.jpg    invesco-240-x-120-horizontial.png

Facilitator: Rod Bryson, Capgemini

Invesco are undertaking new research during 2018 which focuses on developing the use of attitudinal segmentation compared to traditional demographic segmentation, This work will be completed during 2018 and shared with Wealth Advisory firms. The key thinking of the work is about understanding that people of similar wealth, age and a number of other factors may have significantly different attitudinal or emotional differences in their attitudes. By understanding these key differences with across 5 customer types, then advisory firms can adapt their current digital client experience or build new if one does not exist and tailor it to understanding these emotional differences. The result of this is designed to improve clients perspectives of the client experience, to hopefully increase their desire to engage further either through to completion of the digital client journey or to engage on a regular basis in future. This move from simply focusing a digital client experience on process led experience to personal understanding and engagement.

It was felt this may be a first step to help with understanding of customer expectations of delivery of a digital client experience and would not provide all the answers but was an important first step to then align and improve other elements of the client experience. There would be other components such as data and how data and the client experience could become increasingly important to anticipate client needs whilst delivering a personalised service from a digital client experience.

The digital client experience is one part but ultimately this about how you understand customers and align your communication and services and the group felt this would be digital but just as importantly non digital. The challenge is creating a consistent client experience as clients move between online and offline.

Finally the group felt that the sector could learn a lot from Retailors such as John Lewis and that it was clear other markets such as Retail were much further ahead than FS and specifically the Wealth sector but that the wealth sector would really need to think how it was going to respond as it was clear there no option due to increasing customer demand but to have a strong digital client experience if you were a wealth advisory firm.