Applying systems to client intelligence. Empowering advisers through automation. If ever there were a time to start doing these things, then it’s surely now?
COVID has made the shift to fully digital relationships a reality. Yet only a minority of wealth managers match new technology to a new situation. And that means they, and their clients, are losing out.
Based on my observations across many institutions around the world, I estimate around 20 percent, at most, do what’s necessary, in cultural, operational and technology terms, to make COVID a positive turning point.
What should the remaining 80 percent be doing?
The answer is a joined-up approach, starting with culture. This means moving away from a fragmented ‘see who’s out there and eat what you can hunt’ approach to sales.
Instead, think in terms of a centralised lead management model, with real time oversight of who is doing what and what’s really happening.
Think about a client and prospect intelligence system that delivers real insights and removes guesswork.
And think about your whole prospecting-to-contacting-to-closing process as a seamless journey. Put technology in place to close the gaps and give you, and your clients, the best chance of a rewarding relationship.
Supported with the right technology, COVID is a real chance to do things differently. And that starts with a sales process that doesn’t leave wealth managers selling themselves short.
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