Scalability and Enablement: The Keys to Modern Wealth Management

Over the next few decades, an estimated $30 trillion will change hands as Baby Boomers begin passing assets down to their heirs in the largest wealth transfer in history. In the process, the Baby Boomer generation will inadvertently send a shock wave through the wealth management industry. According to research from Deloitte, 90 percent of recipients opt to work with a different advisor than their predecessors, leaving firms with the fear of low client retention.

One of the main reasons we expect this pattern to repeat is the fact that the millennials who stand to inherit those assets see things quite differently than their parents and grandparents. They’re digital natives who are accustomed to highly personalized service, are far less trusting of financial institutions, and are much more open to using robo-advisors.

Practically speaking, all of this creates a massive opportunity as well as a serious threat. On one hand, it’s a chance for savvy wealth managers to bring on many new clients. On the other, any wealth managers that can’t deliver the kinds of experiences the next generation of investors are looking for are at serious risk of getting left behind.

Wealth management firms need to be ready for this massive transfer of assets. To attract new business and retain existing clients, it’s important to:

Create tailored experiences for every client

Client experiences are driven by content. Whether that’s the custom reports you create for each of your client review meetings or the collateral and educational materials you use every time you want to onboard a new client or answer one of their questions, your content plays a big role in how your clients perceive you. Unfortunately, generic, one-size-fits-all content won’t resonate with newer, younger investors. The next generation of investors expect content that’s tailored just for them. That means sharing materials that are relevant for their unique situation, such as market commentary and specific recommendations about how to optimize their portfolio.

Automate content creation and development at scale

Most wealth managers spend many hours each week either creating fresh content or hunting around for existing content assets. In fact, like any salesperson, wealth managers spend an average of 31 percent of their time engaged in these activities. Not only are tasks like these tedious and not particularly enjoyable, they also divert wealth managers’ attention away from what they should actually be focused on, namely providing outstanding service and growing their book of business. By automating content development and discovery, you can free up wealth managers’ time so that they can devote more of their day to higher value work.

Ensure your content is always accurate and compliant

It’s easy to use content that’s off brand, out of date, or that simply doesn’t have the latest disclosure language. Rather than leave yourself exposed to unnecessary risk, you’ve got to ensure that you’re always using content that’s on point and fully compliant. And while that sounds easy enough, if you’re managing this process manually, mistakes are bound to creep in. That’s why important to take the guess work out of the process so that you can always rest assured that you’re using the right version of every piece of content.

Gain in-depth content insights about content usage

You can create all the content in the world. But if you don’t know if it’s actually being used, what’s the point? That’s why it’s so important to have content usage data to help you make informed decisions about how to streamline your content repositories. The fact is that most wealth management firms get bogged down with vast amounts of content that they don’t actively use. Meanwhile, they regularly spend their time adding new content to this pile. When you have data about your content and how it performs, it’s much easier to find and create materials that truly work.

It’s All About Scalability and Enablement

As a wealth manager, you have a huge opportunity ahead as trillions of dollars change hands over the coming decades. To not only keep your existing customers, but also soak up as many new ones as possible, you must find ways to work smarter and more efficiently at scale, while also delivering better experiences to your clients.

That’s where sales enablement tools like Seismic come in. Being able to create more personalized content assets for your prospects and existing clients ensures your wealth managers are always up to date and compliant. With sales enablement, you can enable your firm to better serve the needs of the next generation of investors, while creating greater efficiencies and cutting costs. To learn more about how Seismic can help, check out this brief video.


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