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July 22, 2020

Wealth Managers: How to ensure seamless communication with your clients

by Rachel Pewsey posted in Wealth Management.

Ayoa | Wealth Managers: How to ensure seamless communication with your clients
Client communication is a challenge for many in the wealth management sector. From balancing a wealth of information to meeting your clients’ expectations, clunky and inconsistent communication can easily become a difficult hurdle to pass. However, when strong communication is established, it can do wonders for your client relationships.

The key to ensuring great communication is to have your clients’ needs at the heart of the process. Research by Deloitte and Touche found that customer-centric companies were 60% more profitable compared to companies that were not focused on the customer. Finding a more efficient way of improving your client communication will help you to establish a more efficient process long-term, ultimately saving your time, money and effort.

So, how can wealth managers make this process easier and more manageable?

Start by looking at the needs of each of your clients. Everyone will be different, and each client will have their own unique expectations and approaches to how they want to work together. Understanding the position your client is in right from the get-go will allow you to understand the best way of communicating with them – even down to the platforms you choose to engage with them on.

Enhance your client experience

Wealth managers are beginning to understand the shift in the profile and demographic of their clients. With the younger generation of millennials, their investment behaviour is much different from that of the baby boomer generation that came before them. They are typically more tech-savvy and arguably more reliant on technology. It’s therefore vital for wealth managers to adapt the way they interact with these clients to ensure they receive the best experience possible.

Enhancing your client experience will also help to give you a competitive advantage when it comes to attracting new clients and keeping financial advisors happy. Many of these new, younger clients will have their expectations shaped by modern technologies. By showing you are able to adapt and evolve the way you communicate to suit the needs of your clients will help you to stand out from the crowd and cement that trust with them – establishing yourself as being able to meet the growing and ever-changing expectations of new clients.

Tech platforms can make the process easier

It’s likely that you are in constant communication with your clients. Therefore, having a tool to help make this communication more seamless will improve your productivity. Many companies within the wealth management sector may find they don’t have a structured process in place or are using archaic technology to communicate with their investors. A survey by PwC found that only 25% of wealth managers offer digital channels beyond email. We’ve already established that many of your clients will be well-versed in new technologies and will likely be using such devices to manage their own daily schedules. Offering tech as a catalyst for communication will help you to build a consistent and easy-to-manage rapport with your clients.

Communication aside, it’s also a time-consuming process to gather and assemble client reports – having a tool that can help you organize this information efficiently will significantly help you to carry out this process as seamlessly as possible. Using an online communication platform accelerates the process of collecting and distributing documents so that teams can respond to more client and advisor requests in less time.

The power of Mind Mapping

Tech exists to make our lives easier – by integrating digital platforms into your client communication, it will help to make the internal content management process more effective and efficient.

Yet, with so many online communication platforms available, how do you choose the right one for you? You ideally need a tool which can not only help you manage client communication, but that enables you to organize and manage the breadth of data that you’re handling – and that’s where Mind Mapping comes in.

Mind Mapping is a powerful technique that allows you to capture and expand on ideas while keeping them organized and safe in one visual space. While traditionally done by hand, Mind Mapping software, such as Ayoa, allows you to add information quickly while keeping it stored safely within the app – saving you the risk of misplacing any paper trails.

Mind Mapping is a great tool to enable you to easily share information with your clients so everyone stays informed and avoids miscommunication. Try using a Mind Map as part of your initial client discovery session. This can be a really interactive way to get a sense of your clients’ financial goals while expanding on ideas that come up during the meeting. Once the meeting is over, you can then easily share the Mind Map with your clients so everyone has instant access to what was discussed. Using Mind Mapping as a tool to help facilitate these sessions and capture information will help you to organize your notes more efficiently, saving you time tracking down disconnected files and documents.

However, one of the most important elements for wealth managers is the need to safely store information such as sensitive and personally identifiable client data. It’s therefore extremely important that this information is stored in a safe place. Many wealth managers continue to rely on paper, which can be easily misplaced – having a more robust and safe way of storing this information is vital to not only ensuring a smooth process but establishing trust with your clients.

Ready to make strong and seamless communication the core of your client success? Discover more about why wealth managers should be using Mind Mapping software and sign up to Ayoa’s Mind Mapping software for FREE today.


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