High quality service, excellent communication, transparency, and the desire for increased collaboration are requirements by wealth management clients. In fact, according to aCapgemini report, more than 25% of wealth management clients were dissatisfied enough to withdraw a portion of their funds from the firm. Spectrem Group, a Chicago-based consulting firm that specializes in the wealth and retirement markets, reportedly expects that, over the next several years, 20% to 30% of wealthy clients will fire their advisors.
Because clients often focus on a fund's short-term performance instead of their benchmarks, according toVanguard, this "presents an opportunity for advisors to remind clients of the time-period-dependent nature of fund performance and, more important, of the need for clients to maintain confidence in their financial plans, pointing out the role these investments can play in a portfolio over the long term."
Advisors recognize that they must communicate regularly with their entire client base, not just high net worth clients, in order to meet the requirements of KYC policies as well as the requirements of their clients. This can be a challenge to advisor productivity given that advisors own an average of 105 client relationships, and average 10-15 high net worth clients. Automating communications to the 90% of non-high net worth clients would enable advisor productivity, and satisfy the needs of both the clients and firms. Below are 3 tactics to incorporate into your client facing financial services communications.
- Develop a welcome campaign that communicates the client value for subscription centers. Allow clients to select which communications to receive, as well as the frequency. Promote the additional value gained through community engagement on your social platforms.
- Develop monthly portfolio communications. These communications will contain updates on portfolio performance, links to portfolio performance, or a reminder to contact their advisor to review portfolio performance.
- Develop quarterly satisfaction surveys. These communications will explain the value, to the client, of participating in the quarterly survey. It should also contain content associated with the previous quarter’s survey response. This survey can be developed as an Eloqua form and capture a contact’s response against CDOs.
By incorporating these tactics into your marketing automation strategy, advisors can better manage their book of business, satisfy customer needs, and fulfill KYC requirements.