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We live in a digital-first world. Customer needs have been rapidly evolving even in the wealth management sector, but adoption of technologies in the financial space has remained rather slow. 

As financial services are pivoting to a newer generation of customers whose needs are influenced by emerging technologies, wealth managers need to up their game. The pressure to retain and win clients in the wealth management industry has never been greater. 

How can wealth managers transform customer experience and ensure successful transactions taking place? To begin with, it is  important for wealth managers to remember the value of the relationships they’ve built with their clients and nurture those connections. 

Relationship intelligence is what they need, and here is why! 

Faster Acquisition with AI

In a competitive wealth management landscape, wealth managers and financial advisors need to utilise every tool at their disposal to reach prospects before their competition does. With a relationship intelligence platform, these advisors can gain valuable insights that can guide conversations and to drive relevance. Data can be captured and maintained effectively from the very first touchpoint, thereby increasing the wealth manager’s efficiency. 

AI-driven platforms can also provide the required insights to intelligently automate certain processes and speed up client onboarding. 

Add Value for your Customers

The first step for building or strengthening a relationship is to ensure that wealth managers fully understand the customer’s long term goals and purpose for making an investment. 

​​Customers are demanding for a more personalised service, and according to a survey conducted by EY — 71% of the respondents are willing to share more personal information with their wealth managers to achieve this personalization. Unfortunately, many wealth managers struggle to analyse, interpret and use data effectively.

Using relationship intelligence data, wealth managers can extract deep and meaningful insights to reduce the disconnect with their clients and focus to provide more holistic advice regarding latest investment opportunities. 

With data being captured automatically, they can determine the next best actions to be taken for fostering relationships and growing their revenue streams. 

Better Management of Portfolio

Performance of a portfolio fluctuates due to a variety of market factors, and the permutation and combinations are too enormous to be evaluated by humans.

With a great supply of AI-driven data from the relationship intelligence platform, wealth management firms can analyse various trends and optimise portfolios accordingly. This in-turn frees up wealth managers to focus on higher-level investment strategies and to help their clients make optimal investment decisions.

Form Lifelong Partnerships

When long standing client relationships dissolve, it can be a blow to their reputation. Not to mention, replacing them can cost significant money and time.

With the current uncertain socio-economic environment, clients need to trust wealth managers to pivot with market conditions or when their feelings fluctuate. To increase the value of client service, wealth managers need more actionable insights so they can act fast, appropriately and on time, to foster trusted client relationships. Relationship intelligence is the only way forward!

By strengthening client connections and working to create financial plans that fit within investors’ overall life goals, wealth advisors can make themselves indispensable. 

The New Way of Working with Mitibase

The wealth management industry is slowly recognising the benefit of adopting AI. While some forms are embracing the change, they yet are struggling to scale it across the firm and maximise their benefits.

Mitibase’s platform empowers wealth managers and financial advisors with next generation relationship intelligence to uncover new pathways to high-revenue opportunities. It can help enhance prospecting efficiency, and provide insights about your relationship with existing as well as prospective clients. It also provides a 360-degree view of your clients, based on which wealth managers can make proactive recommendations that can guide their clients through their investments. 

Wealth managers and financial advisors can count on the automated insights and alerts highlighted by the platform, and find more meaningful reasons to engage with clients. The end result — closer connections are formed with regular and relevant touchpoints.

Curious to see how Mitibase can automate relationship intelligence at your firm? Book your demo with us and we will be happy to show you how.

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