2021, The Year of the Right Advice, Delivered the Right Way

by Dec 4, 2020

What have we learned from this unprecedented year in the wealth management industry, to carry into 2021?

The focus has been on two fundamental issues. First, clients’ need for information, guidance and reassurance from their professional advisers. Second, quality and style of client advice delivery in a time of lockdown.

Clients, more than ever, need good advice.

Institutions report growing client appetite for informed guidance, especially on financial planning and investments. The questions are inevitable: what happens to asset classes if the crisis deepens; how will my portfolio be impacted?

Given social distancing safety requirements, face-to-face client advice and new client prospecting present multiple challenges. So how do you acquire new clients when face-to-face meetings are not possible?

Successful firms saw, and then acted on, the intensified need to embrace digital transformation. Already, they are implementing new ways to contact prospects. They are growing their ability to support remote acquisition processes. And, crucially, they are using digital tools to communicate a sense of their real value to new prospects.

This aligns them strongly with the outlook for 2021, key industry trends in wealth management and the challenges they will set through:

  1. continuation of remote collaboration
  2. increased focus on advice and sales effectiveness, with growing emphasis on ESG

In short, digitally transforming firms demonstrate that, in radically changed times, new client acquisition and service cycles are not just necessary. They are fully feasible.

Alessandro Tonchia
Alessandro Tonchia
Co-founder & Head of Strategy at Finantix
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