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ATROPHY IS FOR LOSERS


AUTHOR

Vaughan Jenkins, Business Development Director, Moneyhub


PUBLISHED

06 Apr 2022




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A pandemic, falling markets and demographic shifts have underlined that wealth
managers need to hedge against business shrinkage by adopting consumer-centric
Open Data solutions.

In EY’s 2021 Global Wealth Management Report, the research found that “…half of
clients believe wealth managers understand their goals, 41% feel their provider
could understand those goals better and 5% think firms don’t understand them at
all”.  This pointed to a fundamental gap in the relationship with customers and
the report concluded that:

“Wealth managers should place a deep understanding of clients’ purpose and
beliefs at the heart of their proposition, helping to deliver tailored and
meaningful services and experiences that create long-term value for clients,
staff and firms alike”.

Keeping close to clients has been particularly challenging through the pandemic
and recent market turbulence has started to impact client portfolios. However,
the traditional high-touch, in-person relationship management model was already
in declining demand pre-pandemic, as investors preferred hybrid solutions,
especially an on-demand digital service and more engagement in investment
choices.

Evidence has emerged showing a positive relationship between a well-delivered
digital proposition and overall client satisfaction. The more satisfied the
client is, then the greater the likelihood to hold more investable assets with
their wealth management firm. As a recent FactSet/Aon study reported:

“A digital mindset is therefore no longer a “nice to have” but a genuine
differentiator—and revenue generator for firms... Firms that [developed] a
strong digital experience and innovative tools have since reaped the rewards
with elevated engagement and higher client satisfaction scores”.


DIGITAL CAPABILITY

In the FactSet research, the importance of doing this in a convenient way was
paramount, with one critical advantage of digital wealth management being to
enable a better use of their time. Investors who give wealth managers top marks
for their digital capabilities, tended to feel far more confident about their
financial futures than their counterparts (48% vs. 26%), which translated into
higher revenues.

The correlation between digital capability and wealth business results is well
established. As far back as 2016, research was showing that success in wealth
management depended upon customer centricity and digital adoption and that “To
become a front-runner in wealth management, digital initiatives have to be a
core component of a wealth management firm’s culture and vision”.


CUSTOMER WANTS

So what exactly does the winning digital experience deliver? In our work with
HNW, mass affluent and workplace audiences, the fundamental requirements from
end-customers are remarkably consistent – make it easy for me to see what I
have;

> tell me how I’m doing and show me how I can improve my outcomes.

As the pandemic saw a spike in interest in direct equity dealing, ETFs and
crypto-trading, investment platforms and wealth managers were exposed to not
only technical deficiencies from underinvestment in IT but also in proposition
gaps.

While during 2020 Open Banking was slowly being seen as a means of improving the
onboarding of new clients, making fact finds and KYC checks simpler, wealth
managers had not fully capitalised on the potential to deepen customer
relationships through Open Finance.

Open Finance encompasses not just payment accounts but the full range of assets
such as savings, investments, property and liabilities that complete both a cash
flow and a net worth statement view of their customers’ wealth.  The value
exchange for clients is holistic, real-time, up-to-date information shared with
an adviser that has the insight and understanding that builds trust and
confidence.

The ability to aggregate data, categorise and forecast, with a set of
personalised nudges and tailored content, provides the rich customer experience
that has been missing.


ATROPHY IS NOT A PRIZE

Without a holistic Open Finance capability, the prospect for advisers is one of
a diminishing return and a business in terminal decline.  A study by McKinsey
showed that whilst advisers had achieved high client retention rates through the
pandemic, they were failing to add new and younger clients. Without the ability
to address intergenerational wealth transfer and to retain assets as a result,
by not having the right customer engagement.  As McKinsey noted:

“…being the primary financial advisor to a household as more and more clients
exhibit a preference for consolidating assets with fewer providers. The role
that an advisor plays in the financial lives of clients can help determine if
they will be net winners or losers with more consolidation and more money in
motion”.

Moneyhub’s mobile first Open Finance solution is specifically built to meet that
challenge.  Account information and personalised data insights – coupled to
instant payments and sweeping – delivers the experience clients want and that
advisers need to thrive and survive.

Find out more about the IMpower Incorporating FundForum 2022 event and agenda
here >>




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