A wealth manager should consider redesigning the client onboarding process from a holistic Client Lifecycle Management (CLM) perspective by creating an optimal workflow first, rather than modifying individual elements of the process. After all, digital onboarding is more than simply digitizing paper forms.
While the front-end has become more digital, there is a lack of seamless data relay to the back-end, creating significant inefficiencies across the onboarding value chain. The connectivity and tight integration between each function to support the flow of data is critical, as is the flexibility of the overall system to support advisor-client optionality and hybrid servicing.
But what does this look like in practice? Digitizing for Impact: Putting the Wealth Management Client at the Center of Client Onboarding addresses this very question.
Client onboarding as the starting point for true CLM – not as a siloed point solution – demands the use of design-led thinking that leverages modern technologies to enable deep functionalities. For example, using behavioral science to underpin client “personas” can have a transformative effect on the client experience.