The coronavirus pandemic has drastically affected the wealth management sector. With the spread of the coronavirus, wealth management professionals are coming up with digital strategies, and tools.
These tools serve as the lifeline that assists wealth management organizations to survive the global pandemic. It helps organizations work remotely and grows on a steady basis. In this way, digital tools have a significant contribution to wealth management.
Importance Of Digital Tools And Strategies In Covid-19
Wealth management companies require to use the appropriate digital tools that help them stay in touch with their clients. They are a key to the success and survival of the wealth-management industry in coronavirus. These tools enable the effective operation of a wealth management business across a wide range of scenarios.
If you are in search of perfect wealth management software, choose Advisor Engine. They offer an all-in-one digital wealth platform that is capable of handling and managing client relations, portfolios, and perform marketing and reporting tasks efficiently. This way they accelerate the growth of their clients.
Types Of Digital Tools And Strategies
Incorporation of digital tools and strategies benefits a business in the following ways:
- An Impressive Presence on Social Media
Social media is a great outlet for communication. Due to this reason, a lot of firms now use social media channels such as Facebook, WeChat, Telegram, WhatsApp, Twitter, Instagram, etc. to stay in touch with their clients.
There are several digital tools such as investment blogs, podcasts, video calls, etc. that can help a firm post its market views, or share its investment philosophy. Greater engagement helps a firm reduce doubts and improve the financial health of a business.
Digital tools help create a solid presence of a business online that in turn provides access to customers about the same services on their web browsers and mobile. It becomes easier for a business to drop a message daily and for a client to respond to it.
Client Portal
Digital tools work on a cloud-based communication platform that helps wealth managers access the service at any time and from any location safely. The tools ensure direct communication between advisors, customers, and operational continuity. Personalized, speedy and frequent communication helps develop trust and strengthen relationships too.
A client portal offers a 360-degree view of the client portfolio. They can rebalance and simulate portfolios in real-time. This ensures the protection, sustainability, and safeguarding of the needs of the client.
The portal offers a secure platform to capture real-time portfolio reviews and advisor-client interactions that improves the relationship with the clients. Such a form of digital interaction is practical, cost-efficient, and efficient.
Real-Time Analytics
AI and machine learning form the basis of the real-time analytic tool. Good information, capacity, and good data help form good decisions using the tool. As wealth managers have massive financial data of their clients, this analytics tool assists them to manage it in a more targeted and focused way.
Digital Customer Onboarding
Digital onboarding of customers from distant locations is vital for the operation of any wealth management business. Based on the survey results, 77% of respondents prefer to open remote accounts. So the digital on-boarding process increases the rate of conversion in the business. It prevents any possibility of losing customers due to inefficient onboarding.
The Financial Action Task Force encourages financial institutions to use the new financial services and methods to verify the digital identity of the customers. By outsourcing digital customer onboarding from a reliable technology provider, a wealth manager can comply with AML and KYC compliance regulations.
Self-Service Application
Presently, clients love to do everything on the app. It could be banking, ordering takeout food, paying bills, paying insurance, shopping, and hailing rides via the app. As the market is constantly evolving, firms need to be equipped with capability and content for chatbots, self-service web, IVR systems, email, smartphone applications, etc. to deal with the commonest questions. By handling complex queries on its own, the self-service app releases the time of customer service professionals.
What Does A Business Need To Get The Site Running?
Earlier, a business needs to provide client agreements, risk tolerance questionnaires, disclosures, etc. in hard copy format to its clients. However, with digitalization, many wealth management firms are adopting the paperless on boarding method.
Digitalization of the firm helps create a paperless experience for the clients. Some tools let you eliminate paper-based transactions for account opening, banking transactions, generation of reports, etc. An online banking experience can help you impress your clients and prospects.
What Is Required To Transit To Paperless Account Opening?
To adopt the paperless account opening method, a wealth management firm has to follow the below steps:
- it simply requires an advisor code,
- choose the type of account that the advisor and
- The client wants to open and upload extra documents to include in the “DocuSign” envelope.
Features of Paperless onboarding at Advisor Engine
Advisor Engine is one of the best places to expand the business and connect with clients. Here are some of the benefits of paperless onboarding:
- Enjoy a new and highly efficient method to expand the business.
- Begin saving time as well as avoiding headaches.
- Aim to offer exemplary service to clients
- Allow your team to work with clients for more time
- Develop stronger relations with clients
- Stay in accordance with the compliance
How Does Digital Onboarding Save Valuable Time?
Obtaining updated forms and solving NIGOs takes several minutes or hours out of the workday. The use of digital onboarding can significantly reduce the time spent by depending on the rule engine. This makes sure that all data is precisely captured for all forms that are generated on the website.
Conclusion
Due to social distancing and the imposed quarantines on people to curb the spread of the pandemic, digital tools help wealth managers to effectively communicate with clients. The deployment of these tools is important for the survival of a firm. The assistance of the above-mentioned tools helps organization including wealth managers, financial advisors, brokers, and clients) adjust with the remote work arrangements.