Streamline Wealth Management Client Onboarding with a Digital Ecosystem
According to the J.D. Power 2023 U.S. Financial Advisor Satisfaction Study, nearly 1 in 3 (28%) advisors say they don’t spend enough time building client relationships. Compared to their peers, these advisors report spending an average of 41% more time on administrative and compliance-oriented tasks, and, in many cases, they are starting to question whether their firm is committed to providing them with the support and resources they need to succeed.
In response to challenges like these, the wealth management industry is experiencing a digital revolution, transforming the once-cumbersome client onboarding process. Gone are the days of manual data entry and fragmented workflows. Today, intelligent process automation and integrations, key components of a robust digital ecosystem, are leading the charge.
At the heart of this transformation lies cutting-edge enterprise content management (ECM) solutions. These empower firms like yours to:
- Automate Client Onboarding: Seamlessly integrate your operational hub with your preferred custodian and CRM system through APIs and process automation. This not only allows for faster account opening without overburdening staff, but also expedites the entire client onboarding process, leading to quicker revenue generation.
- Simplify Compliance: Establish a secure, centralized system with time-stamped audit trails and robust document and records management. This “single source of truth” simplifies compliance with complex regulations – like SEC Rule 17a-4 and GDPR – by centralizing and tracking all communications and documentation.
- Enhance Operational Efficiency & Improve Operational Excellence Strategy: Streamlining back-office operations through document workflow automation is crucial for your operational excellence strategy. This eliminates information silos, fosters collaboration, reduces operating costs, and frees up staff for higher-value tasks, boosting overall efficiency.
- Elevate the Client Experience: An automated client onboarding process frees advisors from tedious paperwork, allowing them to focus on client engagement. Data-driven insights, leveraged from a well-integrated CRM system, help advisors tailor services to each client’s specific needs, further enhancing the overall client experience.
Ready to unlock your wealth management firm’s full potential? Embrace the future of client onboarding in wealth management and elevate your operational excellence strategy. Download Laserfiche’s comprehensive ebook to discover how ECM solutions can transform data collaboration, revolutionize operations, simplify compliance with regulations like the SEC’s books and records rules, and propel your client experience to new heights.
Download free white paper: How to Revolutionize Client Onboarding in Wealth Management.
