The Findings

Who is the CEO of your business?

27 November 2018A Meeting of Minds Advisory Distributors - November 2018

AdviceBehavioursEngagementFinancial Advisory

OPTIMISING BUSINESS PERFORMANCE THROUGH CX

Tracking client engagement, an important and universally acknowledged challenge, is creeping up the list of CMOs’ priorities. And while many wealth firms, traditionally considered laggards in implementing client engagement programmes, have started to actively gather feedback and track key metrics to improve customers’ experience (CX) – more needs to be done to understand where we are as an industry to be able to better service our clients and their evolving needs.

15 November 2018A Meeting of Minds Wealth Management and Private Banking - November 2018

BehavioursEngagementExperienceHNWIUHNWIWealth Management & Private Banking

WILL IT BE YOU OR THE ALGORITHM?

Improvements in artificial intelligence and the growing use of algorithms are beginning to alter the way financial advice is delivered to end-clients. Just how far reaching digital adoption and the impact of automation will be on advisor client relationships remains to be seen, but the wealth industry must ensure they are at the forefront of digital adoption.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

Artificial IntelligenceBack OfficeCloudCyberData ScienceDigitalEngagementFintechFront OfficeManagement InformationMobileOnboardingSecuritySocial MediaWealth Management & Private Banking

SO ARE YOU PROVIDING YOUR CLIENTS WITH VALUE FOR MONEY?

As clients begin to look beyond performance as the defining factor in their relationship with wealth advisors, a more transparent and progressive fee structure, focusing on ways to add real value, is the way forward for the industry. It is essential that wealth managers are evaluating progressive strategies to deliver value for money.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

BrandEngagementExperienceJourneyTrainingTrendsWealth Management & Private Banking

REPUTATION AND BRAND – SLOW TO BUILD AND QUICK TO ERODE – CRISIS MANAGEMENT SCENARIO PLANNING

There are multiple external and internal factors feeding into a company’s brand, marketing communications and brand crisis management. These factors, for example data security breaches or employee dismissal cases are likely to rise up the ladder of importance for wealth managers. Firms need to be ready and prepared to go through various scenarios.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

Artificial IntelligenceBack OfficeBehavioursBig DataBrandDigitalEngagementExperienceReputationalSocial MediaTrainingWealth Management & Private Banking

LOGGING ON AND CHECKING YOUR MONEY IS THE ADULT EQUIVALENT OF SHAKING YOUR PIGGY BANK. HOW DO YOU CONVINCE YOUR CLIENTS TO PAY MORE ATTENTION?

Appropriate digital tools can help to build client trust and improve client engagement. Successful digital solutions need to be designed with client specific needs in mind and wealth managers must build solutions centred on these needs rather than age or demographic. Adopting the correct security measures and maintaining advisor contact are key cornerstones of digital strategy.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

Back OfficeBehavioursBig DataData ScienceDigitalEngagementExperienceFintechJourneyManagement InformationMobileOnboardingOnboardingSegementationSocial MediaTrainingTrendsWealth Management & Private Banking

IN A WORLD OF COMPETING PRIORITIES HOW CAN YOU MAKE SURE YOU DON’T LEAVE IT TOO LATE TO COMMIT TO ENHANCING AND DIFFERENTIATING YOUR CUSTOMER EXPERIEN

Differentiating the client experience is crucial in ensuring that traditional wealth managers stay relevant to clients amid challenges from disruptive business models. An innovative client experience should cater for the individual needs of high-net-worth clients while still being able to complement existing business models. Utilising technology, working with suppliers and delivering bespoke client service are all challenges that the wealth industry must conquer in order to deliver unique client experience and retain loyalty.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

Artificial IntelligenceBack OfficeBehavioursBig DataBrandData ScienceDigitalEngagementExperienceFintechFront OfficeHNWIJourneyMobileOnboardingOnboardingRiskSecuritySegementationSocial MediaTrainingWealth Management & Private Banking

HUMAN AND DIGITAL – THE HYBRID MODEL. A SOLUTION FOR THOSE WHO CANNOT YET AFFORD FACE TO FACE INVESTMENT ADVICE?

EY’s research leads them to believe that the hybrid model is the way forward when it comes to customer service and financial advice within the wealth management industry. The topic of discussion centred on whether the hybrid model is the future for wealth management.

15 July 2018James GoadA Meeting of Minds Wealth Management & Private Banking - June 2018

Artificial IntelligenceBack OfficeBehavioursBig DataClients (type of)Data ScienceDigitalEngagementExperienceFintechFront OfficeManagement InformationMobileOnboardingOnboardingSecuritySegementationSocial MediaTrainingWealth Management & Private Banking

EFFICIENCY, SCALABILITY AND GROWTH – MAKING YOUR BUSINESS AMBITIONS COME TRUE

Middle and back-office processes need to be standardised across business lines in order to achieve the efficiency needed to drive asset growth. Clear management vision is essential within any large-scale change management process in order to meet growth targets while people considerations must not be overlooked.

15 July 2018A Meeting of Minds Wealth Management & Private Banking - June 2018

Back OfficeBehavioursBrandCultureEngagementFront OfficeHNWIOnboardingOutsourcingTrainingWealth Management & Private Banking

DIGITISING WEALTH MANAGEMENT: WHAT IS THE COMMERCIAL IMPERATIVE OF PERSONALISING YOUR CUSTOMER EXPERIENCE?

The wealth industry recognises that client demand for better digital capabilities is increasing, yet is cautious in adopting these technologies. Delegates acknowledge that suitable digital solutions can act as “enablers” and add value to the client relationship. However, for a successful transition a change of business model, as well as industry mind-set and culture, will be needed.

15 July 2018James Goad

Artificial IntelligenceBack OfficeBehavioursBig DataBrandData ScienceDigitalEngagementExperienceFintechManagement InformationMobileOnboardingSecuritySegementationSocial MediaWealth Management & Private Banking

SUSTAINABLE, ETHICAL, ENGAGEMENT, IMPACT – WHAT IS THE DIFFERENCE?

Client demand for ethical investing is growing, however many barriers remain in place, but as a rapid increase in clients seeking products in alignment with their value system, means that it is essential that this is viewed as a key strategy by the wealth industry.

14 July 2018James GoadA Meeting of Minds Wealth Management and Private Banking - November 2017

BehavioursCultureEngagementHNWIMass AffluentOnboardingWealth Management & Private Banking

THE FUTURE OF INVESTMENT ADVICE

The future of investment advice remains a subject of continued debate following the ever increasing utilisation of digital automation by financial institutions. Ultimately, firms must adopt a balanced service model, determining exactly which elements of the proposition to automate in conjunction with the human element of personal advice and overcome hurdles in terms of legacy IT systems.

14 July 2018James GoadA Meeting of Minds Wealth Management and Private Banking - November 2017

Artificial IntelligenceBack OfficeBehavioursBig DataData ScienceDigitalEngagementExperienceFintechJourneyManagement InformationMobileOnboardingOnboardingReputationalSegementationTrendsWealth Management & Private Banking