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  5. Digitizing for Impact: Putting the Wealth Management Client at the Center of Client Onboarding

Digitizing for Impact: Putting the Wealth Management Client at the Center of Client Onboarding

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29 November 2022
Ashley Longabaugh

Abstract

Client onboarding, the first meaningful interaction between an advisor and a client, is rife with pain points and primed for innovation. Digitizing for Impact: Putting the Wealth Management Client at the Center of Client Onboarding explores the complexities of the onboarding process and how the implementation of technology across the value chain can create efficiencies and advisor-client journey satisfaction.

  • Client onboarding is an umbrella term that encompasses processes from prospecting through
    new account opening and ongoing AML and regulatory adherence. Onboarding today remains highly manual despite client demands for increased digitization of wealth management services
  • Wealth managers are just beginning to digitize their client onboarding process. Digitizing each element of the process can increase advisor efficiency, improve client satisfaction, and establish a solid foundation for a robust ongoing relationship
  • Examining implementations of digital capabilities across the onboarding value chain shows the benefits of investing in technology upgrades
  • Wealth managers of all stripes should examine their client onboarding process, as improved onboarding processes can lead to significant revenue upside and advisor-client satisfaction
    • Assess where you are today
    • Determine the areas of greatest leverage
    • Begin to execute tactically, while keeping the long-term strategy in mind

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