The wealth management landscape is constantly changing, and the year ahead looks no different for advisors. Technological advances, regulatory changes and shifting demographics are all set to feature heavily in the wealth management and financial advice industry in 2017. Our latest post takes an infographical look at what’s set to pose challenges – or opportunities – in the months ahead.
What is the magic number when it comes to clients?
When it comes to clients, do advisors go for quality or quantity? In an ideal world every advisor would love to have a book full of HNWI’s but we all know this isn’t always the case. It can be
a balancing act of either having a few clients with high levels of investable assets or lots of clients with smaller portfolios. You will also have to contemplate the time spent giving each client the service they deserve.
How do you hold on to them?
It’s a proven fact that it costs more to attract a new client than it does to retain an existing one. In this industry you’re in the business of building relationships. There might be the common
perception that clients are most likely to leave due to poor portfolio performance, but in fact it’s more likely going to be down to the fact the advisor-client relationship wasn’t particularly great.
A CRM solution might seem like a frivolity, but if you’re currently managing your contacts in your email, a spreadsheet or even a rolodex it could be worth upgrading to an industry specific CRM solution just like ours (see what we did there) to make sure you never miss an important client event again.
The Robo-Advisor: Are they a threat?
Robo-advisors are a huge force shaping the wealth management industry today, but with lots of publicity around them, just how big are they? If you wanted to find out more about this subject why not check out our eBook, ‘Navigating your way through the era of the robo-advisor’ where we explore how you can use technology to manage your clients more effectively.
The Millennials Challenge – Are you prepared?
The age of the millennial is here and advisors who are actively choosing not to work with this group – do so at your peril. They’re set to be the biggest demographic history. While they have faced economic challenges not experienced by previous generations they are set to inherit a lot of money from their baby-boomer parents. This is known as ‘The Great Wealth Transfer’ and you can learn more about the upcoming inter-generational shift in wealth with our on-demand webinar.
To find out more about the unique financial challenges they face why not check out our ebook or alternatively if the transfer of wealth is something that you want to know about watch our on-demand webinar.
CRM can help you tackle these challenges
This probably seems like a biased opinion coming from us, but an effective CRM solution really can help advisors face these challenges head on. Managing your client data in one single place not only enables you to build deeper client engagement; it can make your practise run efficiently with systematic and consistent processes. You could even increase the value of your business. Take a look at the full infographic for more information.