GROW REVENUE, GENERATE MORE REFERRALS & REDUCE …€¦ · grow revenue, generate more referrals &...
Transcript of GROW REVENUE, GENERATE MORE REFERRALS & REDUCE …€¦ · grow revenue, generate more referrals &...
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How Successful Wealth Management Firms Leverage Technology to Create A Superior Client Experience
GROW REVENUE, GENERATE MORE REFERRALS & REDUCE OPERATING COST
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CONTENTS
INTRODUCTION 3
1. UNDERSTAND THE DIGITAL PREFERENCES OF TODAY’S CLIENT 4
2. LEVERAGE TECHNOLOGY TO REDUCE RISKS 6
3. CREATE AN ON-DEMAND EXPERIENCE FOR CLIENT MEETINGS 8
4. CREATE A 360 DEGREE VIEW OF THE CLIENT 10
THREE USE CASES 11
AN 800 CLIENT WEALTH MANAGEMENT FIRM: BETTER CLIENT DATA CREATES A BETTER CLIENT EXPERIENCE 12
A TOP 20 GLOBAL ASSET MANAGEMENT FIRM: ELIMINATES PERFORMANCE ISSUES & GIVES ADVISORS SPEED 14
A 400 CLIENT WEALTH MANAGEMENT FIRM: HIGH TOUCH CLIENT ACTIVITIES REQUIRE SOUND TOOLS 17
CONCLUSION & SUMMARY 19
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INTRODUCTION
New technology innovations continue to impact how Private
Wealth Management firms engage their clients, Advisors, their
markets and the competition. Competition among wealth
management services has intensified. Regional banks, online
brokers, and nonfinancial players such as Fintech Firms are now
scrambling for client’s attention. [BCG] Exchange-traded funds and
other investment vehicles offer low-cost alternatives to higher-
margin products. The new vehicles are attractive when actively
managed funds haven’t delivered enough return to justify their
higher cost. [BCG]
Successful wealth management firms are leveraging technology
to create a client experience where Advisors and Relationship
Managers can be more attentive and available to their clients
based upon their digital preferences. Making the smallest
improvement can have a significant impact on client acquisition,
retention, growth and reputation.
ZynBit is a leading provider of simple, smart and seamless software
designed to change the way wealth management firms and their
clients operate and interact. This eBook explores the role that
ZynBit plays from the viewpoint of three financial services firms
to mitigate regulatory risks, deliver a superior client experience,
acquire and retain Clients and create operational excellence.
Based upon the experiences of wealth management customers,
we have identified four primary ways that Successful Wealth
Management firms can create an excellent client experience that
surpasses the competition.
1 UNDERSTAND THE DIGITAL PREFERENCES OF TODAY’S CLIENT GO TO SECTION
2 LEVERAGE TECHNOLOGY TO REDUCE RISKS GO TO SECTION
3 CREATE AN ON-DEMAND EXPERIENCE FOR CLIENT MEETINGS GO TO SECTION
4 CREATE A 360 DEGREE VIEW OF THE CLIENT GO TO SECTION
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UNDERSTAND THE DIGITAL PREFERENCES OF TODAY’S CLIENT
Today’s clients want an on-demand service that puts control in
their hands to decide when and how often they have access to
their Financial Advisors.
TWO KEY CLIENT COMMUNICATION PREFERENCES
The Upcoming Generation of wealthy clients expect
Advisors to mirror their around the clock lifestyle.
Today clients move at a fast pace and therefore need
communication available to them via many channels.
[BCG. Global Wealth 2017: Transforming the Client Experience. 2017]
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The new generations of wealthy clients are more technically savvy
than earlier generations. Individuals with high net worth want a
digital experience that stays with them across all communication
channels.
THREE WAYS HIGH WEALTH CLIENTS USE TECHNOLOGY AS A COMMUNICATION CHANNEL.
They demand full use of digital infrastructure capabilities.
Clients use multiple devices, for five or more hours a day.
IQ69% of high net worth individuals have a high level
of digital literacy.
[PwC: “Sink or Swim: Why Wealth Management Can’t Afford to Miss the Digital Wave.” 2016. ] [EY Wealth Management Outlook - 2018]
Advisors and Relationship Managers need to consistently and
repeatedly assess the digital preferences of clients and alter
their communication work processes to accommodates for the
client's preferred methods. A firm’s ability to fulfill and adapt
to client preferences go a long way to creating experiences and
relationships that last and generate more referrals. Successful
Wealth Management Firms are ready to deliver on these
expectations and they use technology to get there. Most firms
have been leveraging CRM applications to track client information,
however these applications historically have low adoption rates
by Advisors and RMs as it provides little value to the actual client
experience and efficiency of the business. Technology such as
ZynBit exists today to put the focus back on the client experience
and excellence in practice management.
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LEVERAGE TECHNOLOGY TO REDUCE RISKS
In recent discussions with wealth management customers, the
ability to continue to use technology to mitigate risks and stay in
compliance is key to making sure that Advisors and Relationship
Managers can stay on the task of servicing the clients.
According to Deloitte, there are five main key risks that wealth
management and their parent companies face. We will cover
four out of the five from the technology viewpoint.
» OPERATIONAL
» COMPLIANCE
» REPUTATION
» STRATEGIC
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OPERATIONALOperations is at the core of how all client data, activities, and
assets are managed. If a firm’s operations are not streamlined and
the appropriate technologies are not in place to manage the day
to day operations, this can leave a gaping hole that can surface
big risk to the business. In this eBook is a use case from a leading
wealth management firm where technology is at the center
of their back-office operations, information management and
regulatory reporting. GO TO USE CASE
COMPLIANCEAdvisors and RMs have an established set of governance and code
of ethics that they must uphold. To maintain this, Advisors must
invest significant time in continuing education and monitoring.
Applications and tools exist for Advisors to offload many
administrative tasks and monitoring to free them up to maintain
high levels of compliance.
REPUTATION Client interaction is at the core of profitability for firms. With each
interaction, Advisors need to be well- versed in trading practices,
portfolio management, and investment guidance to clients. As
noted in sections above, the client expectations are demanding
and if firms are not well equipped to meet those demands, client
experience will suffer and so will the firm’s reputation. This
eBook contains a use case, where FinTech has been implemented
to streamline the client interaction and experience. This allows
Advisors to increase the number of meetings with clients without
jeopardizing the client experience and provide self-service tools
that give the client a more on-demand experience.
STRATEGIC With the increase in self service options and rising competition,
firms are looking at how they can be more strategic. By removing
the obstacles around data management requirements, and
information management, firms can invest in their sales/marketing
efforts. FinTech plays a leading role in how firms can effectively
executive on sales/marketing strategies to grow their business, for
example, the ability to translate web leads to booked meetings for
Advisors with an on-demand client experience.
Mitigating risk will always have critical impact on practice
management. Technology will play the lead role in how firms
continue to reduce risks in the four areas of operations,
compliance, reputation and strategy. Without the right technology
in place to manage this, firms could be increasing their risk vs.
reducing them.
“ When Technology can perform the work of reducing risks and staying compliant, the firm can focus on revenue generating activities.”
COURTNEY ROBERTS
CHIEF OPERATIONS OFFICER -BARBER FINANCIAL GROUP
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CREATE AN ON-DEMAND EXPERIENCE FOR CLIENT MEETINGS
With the pressure to reduce costs, the trend has been for client-
facing wealth management teams to work with more clients.
One Wealth Advisor can meet with 521 households a year.
That’s the average that a Barron’s study reported in 2016.
[Greenspring Advisors. “How many Clients Does Your Advisor Work With?”]
Let’s put that in perspective. Wealth Advisors typically meet
with each household three times a year. That is 1,563 client
meetings per Advisor.
To set up one meeting requires five touches. It requires back-
and-forth emails to set times and dates. It also requires phone
calls to confirm.
The year has only 250 business days, so the average Advisor
manages 6.2 meetings per day.
TYPICAL WEALTH ADVISOR CLIENT CONTACTS BREAKDOWN
1,563
CLIENT MEETINGS A YEAR
521 HOUSEHOLDS
1 WEALTH ADVISOR
6.2 CLIENT MEETINGS PER DAY
TOUCHES TO SET UP ONE MEETING
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HOW IS THIS POSSIBLE?
Firms are relying on technology in their operations to improve
efficiency and productivity. They’re also doing so to improve the
quality of service and to reduce operational risk. Wealth managers
themselves look to smart innovation to enhance the client
experience and to improve operating efficiency. [Technology and Operations
Trends, 2018]
Wealth managers can shortcut the normal back-and-forth
communications when it comes to scheduling and confirming client
meetings. They can do so by making their real-time availability
displayed to clients through a simply to use personalized calendar
booking experience that puts control in the hands of the client.
With technology, BCG says, wealth managers can “design
advanced, high-impact client journeys from front to back —
creating a new generation, 2.0 version of the client experience.”
Nevertheless, BCG says, many firms “have failed to provide even a
minimum level of client-facing digital technology.” [BCG]
REAL-TIME
CALENDAR AVAILABILITY AND CLIENT SCHEDULING
SALES
ENABLEMENT
SYNC
CLIENT ACTIVITY DATA TO CRM
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CREATE A 360 DEGREE VIEW OF THE CLIENT
Having a 360-degree view means having the ability to capture all
client activity information in a single view readily available to the
entire organization.
Centralized Client data and information is a critical path towards
team agility. Client data, insights, and preferences should be only
a click away for the entire team and easily accessibly within the
work environments where Advisors and relationship managers live.
Barber Financial, a successful wealth management firm with over
800 clients uses this centralized team approach. With centralized
Client information and communication feeding into Salesforce and
using ZynBit to capture and collect the Client activity data, they
now have an environment where the entire team can service the
Client in a way that is simple to use and fast and efficient to the client. GO TO USE CASE
McKinsey’s study noted that the most successful firms were
more likely to work as part of a team than as a sole practitioner.
[McKinsey, State of Retail Wealth Management] To work effectively in such cross-
functional teams, firms must record all their interactions with each
client. They must store them in a secure manner that’s accessible
to all team members. The client record must track preferences
of individual clients. It should identify which clients prefer to
hold formal meetings in the firm’s office, versus more relaxed
settings. Firms are beginning to see that they must provide a
variety of client experiences to attract and engage with a variety of
investors,” says strategy and marketing advisor April Rudin. “Every
single client wants to be understood and serviced in a customized
fashion….” [April Rudin. “2018 Outlook for US Wealth Management: ‘The Year of the Client.’” ]
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THREE USE CASES
HOW 3 LEADING FIRMS ARE LEVERAGING SIMPLE & SMART TOOLS FOR SUPERIOR CLIENT EXPERIENCE
ZynBit helps wealth management firms provide a better client
experience. We do so by providing reliable, efficient ways to
gather virtually all forms of communications with clients. The
communication channels may include… Email, Phone Calls,
Meetings, Events. ZynBit is a simple solution to seamlessly
collect, track and analyze client activity data, increase Advisor
productivity and create an excellent client experience.
With ZynBit, client activity data is automatically captured at the
source and providing it back to the client information repository-
commonly Salesforce (or other CRM Tools). With such data stored
centrally, members of an extended client-support team can view
all historical activity with a client, across all channels.
The best way that Wealth Management firms can assess what
technology they need to improve the client experience, improve
productivity, and achieve operational excellence is by learning how
other firms have found success to achieve these goals.
Keep reading to find three use cases:
AN 800 CLIENT WEALTH MANAGEMENT FIRM:
BETTER CLIENT DATA CREATES A BETTER
CLIENT EXPERIENCE GO TO USE CASE
A TOP 20 GLOBAL ASSET MANAGEMENT FIRM:
ELIMINATES PERFORMANCE ISSUES AND GIVES
ADVISORS SPEED GO TO USE CASE
A 400 CLIENT WEALTH MANAGEMENT FIRM:
HIGH TOUCH CLIENT ACTIVITIES REQUIRE
SOUND TOOLS GO TO USE CASE
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Barber is a wealth management firm that serves about 800 clients from its home office in Lenaxa,
Kansas. The company has more than 35 employees. It has been using Salesforce.com as its CRM system
since 2010.
Barber advisors focus on three elements to ensure a strong Client Experience:
1. A Client Operations group books meeting with clients. They achieve the right cadence and frequency of meetings. They manage technologies to schedule meetings and to collect appropriate data from communications.
2. A relationship team reviews data from prior client meetings to be sure Advisors are aligned with the goals clients have shared in prior communications.
3. Wealth Advisors have more time to spend with clients. They lose less client-facing time to administrative overhead. They have more time for networking and prospecting.
800 CLIENT WEALTH MANAGEMENT FIRM
BETTER CLIENT DATA CREATES A BETTER CLIENT EXPERIENCE
INDUSTRY
Financial Services |
Wealth Management
FAST FACTS
Founded in 1996
35+ employees
800+ Clients
Using Salesforce since 2010
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BEFORE ZYNBIT
AFTER ZYNBIT
The firm require 5 touches to schedule a single meeting The firm requires an average of just one touch to schedule a
single meeting
Clients couldn't pick their own meeting times, so the
scheduling process required too much back-and-forth.
Clients can easily pick their preferred meeting time from a
shared digital calendar. ZynBit captures the meeting in both
Outlook and Salesforce.
The firm used manual processes to capture interactions
with clients. They cut and pasted text between Outlook and
Salesforce.com.
ZynBit automatically syncs the records of all interactions
with clients, including emails, phone calls, and events.
The client history in Salesforce was incomplete. Reporting
was weak. The business faced regulatory risks.
Barber has a complete and reliable picture of client activity
in a single place. Client activity reporting is strong. The risk of
regulatory noncompliance is greatly reduced.
800 CLIENT WEALTH MANAGEMENT FIRM
" With ZynBit, we can maintain a high level of operational efficiency that serves our clients with the best experience. We also have more data to understand how many times we are meeting with clients and making sure they are getting the attention they need so we can retain and build our client base."
COURTNEY ROBERTS
CHIEF OPERATIONS OFFICER - BARBER FINANCIAL GROUP
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A Top 20 Global Asset Management Firm began implementing Salesforce in 2015 with a 3- year plan
to replace several legacy, homegrown Client management systems. Over the next 2 years, phased
Salesforce in to their workforce of over 5000 Financial Advisors and their support staff. As part of their
Salesforce implementation, Salesforce for Outlook was the link between email communications and
the CRM for sales force productivity but lacked breadth and performance. The organization quickly
began to evaluate more advanced sales enablement technologies which could also enhance the Client
experience and capture more Client relationship history.
Today, this leading global firm is standardizing on ZynBit to get the job done.
TOP 20 GLOBAL ASSET MANAGEMENT FIRM
ELIMINATES PERFORMANCE ISSUES & GIVES ADVISORS SPEED
INDUSTRY
Global Asset Management
FAST FACTS
5000 Financial Advisors
and their support staff.
Using Salesforce since 2015
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BEFORE ZYNBIT
AFTER ZYNBIT
Outlook Desktop Performance Issues ZynBit eliminates performance issues and gives Advisors
speed
IT Helpdesk Tickets Unmanageable ZynBit eliminates friction between the business and IT
Advisor Productivity Down vs Up Advisors have more time with Clients and spend less time
fighting with technology and clerical tasks in Salesforce
Lack of Client History for compliance and continuity Client records and complete and accurate for better service,
compliance and continuity
Need for Better Client Experience with Booking
Appointments and Annual Reviews
Happy Clients with more new appointments booked and
increased opportunity pipeline. Automation for booking
client annual reviews
No Support for Mobile Interface Mobility and convenience for Advisors when their away from
the office.
Ability for Alternative to solutions to meet highly regulated
Information Security requirements
Critical corporate data is secure and protected from external
threats
TOP 20 GLOBAL ASSET MANAGEMENT FIRM
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The firm puts high value on its Client experience, lasting relationships and Advisor productivity. Like every other workforce, Advisors
need solutions which are simple and intuitive. The technologies they use need to be seamless and smart. The firm’s CRM leadership team
identified this as an opportunity to select a more wholistic solution which could consolidate many of their requirements with one solution
that is simple for Advisors, seamless for IT and provides a smarter, more elegant Client experience.
Before ZynBit, IT struggled to support Salesforce for Outlook as it was desktop software which had to be installed and continuously updated
across 1000’s of devices. Helpdesk tickets were growing and Advisors became frustrated as they continuously had to work in multiple
systems to document and update Client interactions and opportunities.
Worse, Advisors were actually losing productivity due to performance issues. The organization was struggling to get beyond the basic
blocking and tackling of Client relationship management in order to recognize the individual and organizational value and return they
expected for their investment.
BENEFITS WITH ZYNBIT
A meeting booking process
that removes friction in the
scheduling process for an
optimal client experience.
Syncing of Salesforce records is easier
to manage and ZynBit eliminates
unnecessary administration to
maintain strong data integrity.
Advisors can spend their
time focused on the client
experience and getting
referrals for new business.
TOP 20 GLOBAL ASSET MANAGEMENT FIRM
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A wealth management firm that serves more than 400 clients. The company’s five Advisors work with
clients in 17 states.
They have been using Salesforce.com since 2012.
Problem:
The firm faces risks to their business when key client interactions are not recorded properly.
Furthermore, they need client meetings to be properly scheduled, recorded in Salesforce, and available
to Advisors in Outlook and on their mobile, so no client meeting is ever overlooked.
400 CLIENT WEALTH MANAGEMENT FIRM
HIGH TOUCH CLIENT ACTIVITIES REQUIRE SOUND TOOLS
INDUSTRY
Financial Services |
Wealth Management
FAST FACTS
5 Wealth Advisors
400+ Clients
Using Salesforce since 2012
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BEFORE ZYNBIT
AFTER ZYNBIT
The firm used a tool that synced information unreliably
between Outlook and Salesforce.
ZynBit reliably syncs information between Outlook and
Salesforce.
They often missed meetings and gathered incomplete
information from communications with clients.
Advisors now spend less time on non-revenue activites. They
spend most of their time interacting with clients. They also
spend more time generating new business.
They no longer miss client meetings.
Their client reports are complete.
400 CLIENT WEALTH MANAGEMENT FIRM
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CONCLUSION & SUMMARY
With the many changes buffeting the business of wealth
management, select firms will thrive by delivering a strong
client experience.
Financial and regulatory pressures are forcing firms to find ways
that improve their client experience efficiently and cost-effectively.
ZYNBIT FOR WEALTH MANAGEMENT FIRMS
ZynBit builds intelligent automation for the next generation of
Wealth Advisors focused on revenue growth while delivering a
superior client experience. We help companies leverage real-time
information to out maneuver the competition and acquire and
retain your ideal clients.
ZynBit is focused on providing financial services firms with the
best technology to grow revenue, increase client referrals and
achieve operational excellence.
Learn more about how you can test the ZynBit application for your organization at https://app.zynbit.com/Account/Register
OVER 5,000
FINANCIAL SERVICE PROFESSIONALS USE ZYNBIT
OVER 90
FINANCIAL SERVICES FIRMS USE ZYNBIT
OVER 300
RATINGS
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@ ZynBit, 2018