Enhancing Client Engagement and Business Growth with a Wealth Advisor Workbench

By Valuefy

June 5, 2023


Wealth managers can leverage an advisor workbench solution to increase efficiency and productivity, improve the quality of their advice and client service, and act more quickly and effectively on high-quality data. This will help advisors engage more successfully with clients and serve their needs better, ultimately benefiting both advisors and their clients.

What is an Advisor Workbench?

An automated and modular advisor workbench provides an entire wealth technology solutions and business operating system for a wealth manager. It helps advisors drive enhanced client relationships by automating and simplifying the workflow across various stages of client servicing. It empowers wealth managers to seamlessly and easily perform tasks that span customer onboarding, transaction execution, data aggregation and internal and client reporting.

Benefits for Wealth Managers

By using an automated and modular client management system, wealth advisors can minimise manual administration, deliver intelligent insights, drive hyper-personalisation and offer premium client service. Automation driven by technology helps firms reduce cost, increase operational efficiency and compliance, and ultimately ensures relationship managers are more productive and impactful.

For example, an advisor workbench can help wealth managers aggregate data right from the outset and present clients with relevant insights about their portfolios. This results in greater client interest and faster engagement in the relationship manager’s proposition, and at a greater scale than might previously have been possible. Integrated modules for advisory, data aggregation, onboarding and analytics can drive deeper engagement and enable better client service at all touchpoints, which results in incremental business achieved at a lower cost.

This approach helps advisors serve clients effectively at a time of high cost and rising pressures on wealth management technology models. Rather than continuing with a traditional product-focused model, advisors can leverage wealth technology solutions to offer pricing flexibility to cater for client needs at every stage of the wealth management journey. Typically, clients pay a flat fee based on the value of their investments. To maintain revenues under this pricing model, wealth managers must create new efficiencies and ensure relationship managers are more productive and spending more time with clients.

What’s Holding Relationship Managers Back?

In reality, most relationship managers spend the bulk of their time on non-revenue-generating activities. This is a widespread problem given the use of inefficient legacy IT systems, or even spreadsheets, and the rising demands of regulation and compliance.

The major obstacles to reducing non-advisory time include fragmented technology solutions for the post-advisory period due to multiple systems for client data and analytics; a high degree of manual data processing for product-level paperwork and manual trade and system entries; no integrated research platform for recommendations across asset classes; and a lack of pre-advisory client risk analytics resulting in legal and compliance issues.

Unlocking the Power of an Advisor Workbench

Advisors can make use of an automated and modular advisor workbench to tackle these challenges. For example, they can enhance onboarding and transaction execution by digitising the know-your-customer (KYC) process and building a self-service model that allows clients to perform transactions and key investment activities. They can develop reporting and review functionality that provides wealth advisors and clients with ready access to information about valuations and recent transactions. They can also invest in developing systems for servicing, query resolution and communications that are based on predictive models and can flag up potential deficiencies. Similarly, they can develop systems that use communications and service history to enhance the client experience through greater personalisation of service offerings and investment recommendations.

Driving Client Engagement and Business Growth

Wealth advisors and their clients stand to benefit when key front-office, client-facing functions, such as onboarding, analytics, reporting and trading, are automated and delivered through an easy-to-use interface. This frees up time and resources, and generates intelligent insights, helping advisors drive enhanced client relationships, loyalty and lifetime value.

Technology, data and insights are key to the operating strategy of advisors. By deepening client engagement using an advisor workbench, wealth advisors and managers can offer an exceptional digital experience to their clients, deliver enhanced investment decision making based on high-quality data and analysis, and drive their firm’s differentiation and growth in the market.

For more information about Valuefy’s wealth management technology solutions please contact us.

Get in touch to arrange a meeting to explore these themes in more detail and discuss our insights in wealth management technology.

About Valuefy

Valuefy is a premier investment technology lab with cutting-edge solutions serving leading financial institutions across the globe. Its Wealth Management Solutions has enabled Wealth Managers globally by providing production-grade investment technology solutions for an uberized customer experience.

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