3. Content
a. The Changing Landscape of Wealth Management
b. Client Behavior is Evolving
c. Why the Status Quo Won’t Work Anymore
d. Making Your First Impression Count
e. The Reimagined Client Experience
f. The Right Technology Bring it All Together
g. Wealth Management Technology from
a company that Understands Your Business
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4. info@doxim.comdoxim.com
The Changing
Landscape of
The wealth management industry is poised on the cusp of massive change. Digital disruptors
are springing up like mushrooms after a rain, and carving away huge swaths of market
share from full service brokerages. Client expectations of service - online and in person -
are increasing daily. Meanwhile, interest rates continue to drag along at historic lows, and
regulatory changes put further burdens on already stretched margins. Firms have to get
smarter, and move even faster, to survive in this increasingly competitive industry.
In the midst of this challenging environment, a huge demographic shift is looming and it
represents an incredible opportunity for forward-thinking firms. The biggest generational
wealth transfer in history is underway, as 2-3 trillion dollars changes hands through
inheritance over the next five years. On average, 90% of heirs change financial advisors.
Your firm can proactively retain these heirs and encourage their peers to work with you as
well. To take advantage of this opportunity, you first need to understand what these clients
will expect of your firm.
Wealth Management
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The biggest generational
wealth transfer in history
is underway, as 2-3 trillion
dollars changes hands
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5. info@doxim.comdoxim.com 2
Client Behavior is
Evolving
Today’s wealth management clientele have different characteristics than
previous generations of clients, and forward-thinking firms are adjusting
their business models to accommodate them.
Your wealth management clients have
discovered the immediacy and convenience
provided by online and mobile interactions,
and there’s no turning back. In fact, 7 out
of every 10 high net worth clients now
turn to the web as their preferred method
of accessing account information. Firms
servicing today’s clients need to provide
a universally excellent client experience
across digital channels as well as physical
ones, if they are to protect and grow their
client base.
The Rise of the Digitally-Savvy
Gen X and Millennial clients are much
more demanding of the quality of
communications from their wealth
managers. Less than 60% of this
segment is very satisfied with the level of
communication they receive from their
wealth manager1
. These clients want
and need more frequent, more valuable
communications that relate directly to their
situations. One size no longer fits all.
A Drive Toward Constant
Communication
Following the financial downturn of
2008, many wealth management clients
developed a mistrust of financial service
firms. To counteract this sentiment,
advisors need to offer transparency and
present their value clearly. They need to
focus on providing expert advice, easing
concerns about market volatility, and
educating clients about risk and return to
prevent them from making costly mistakes.
Skepticism about Wealth
Management Firms
Clients today expect your advisors to
develop a deeper understanding of
their personal circumstances, goals and
concerns than ever before. They want
more strategic guidance across more
areas of their lives, and expect referrals
to specialists should they present a need
your firm cannot directly fulfill. To maximize
wallet share and stickiness, your advisory
teams need to provide a “one stop shop”
for financial advice, and offer a tailored and
consistent client experience that addresses
their many different wealth needs.
World-Class Investment Advice
a Must-Have
1
Delivery Channel Preferences: How HNW Clients Prefer to Interact with Wealth Managers CEB TowerGroup
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Deloitte, “Millennials and Wealth Management: Trends and Challenges of the New Clientele”
6. info@doxim.comdoxim.com
Why the Status Quo
Won’t Work Anymore
What’s holding your advisors back from taking advantage of opportunities
like generational wealth transfer? If you haven’t invested in the technology
they need to keep up with their changing clients, they may be:
• Navigating between multiple, disparate systems to complete applications
• Having to call clients back in for second visits to fix Not In Good Order papework
• Finding themselves unable to answer questions about account status and funding
• Spending valuable client-facing time searching for paper resources
• Not reaching out to clients through the channels they prefer
• Making “one size fits all” recommendations, instead of targeted product offers
Often, the disjointed client experience at wealth management
firms can be attributed to a patchwork of older systems behind
the scenes, which makes gaining a holistic view of the client and
his or her accounts next to impossible. Bad news, though – your
clients don’t care that you have legacy technology slowing down their
account transfers or forcing them to sign paperwork in-office.
If you want to retain them, you simply must match or exceed
the client experience offered by digital disruptor firms and the
growing cohort of robo-advisors.
Legacy Technology Can’t be an Excuse
To retain valuable clients and increase coveted client referrals,
wealth management firms need to adopt technology and
processes which support a truly client-centric advisory model.
To compete in today’s crowded wealth management market, firms
need to offer clients a powerful combination of personalized
advice and targeted 1:1 product and service offerings – when
and where the clients need them. They need to empower their
financial advisors with digital tools that they can take mobile
for client-convenient meetings which facilitate goal-based
conversations. Firms must take every opportunity to position
themselves as unique value providers by enabling clients to
achieve their goals as easily as possible.
A Client-Centric Advisory Model
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7. info@doxim.comdoxim.com
Making Your
First Impression Count
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Your clients are used to the
effortless customer service
provided by brands like Apple,
Amazon, Uber and Netflix.
To meet their heightened
expectations, your firm needs
to provide incredible client
experiences during every
routine interaction. Here’s how
some of those experiences
should look.
Client onboarding represents an essential opportunity
for advisors to create meaningful connections
and uncover client needs, right from the get-go.
Onboarding software can be used to automatically
guide the account opening process and bring it
online, while enabling your advisory workforce to
go mobile. With the judicious application of this
technology, your advisors can meet clients anywhere
and open accounts faster and more accurately than
ever before. With the paperwork out of the way,
your advisors are free to have real conversations
with clients and uncover the key cross sell and upsell
opportunities that are so critical to address in the first
90 days of the relationship.
Starting the Relationship on the Right Foot A Personal Touch: Welcome Letters and Packages
To make every client feel valued, your firm should
provide them with a welcome letter from senior
leadership to demonstrate appreciation and
understanding of the new clients’ business and the
firm’s commitment to service. For maximum impact
this should accompany a personalized welcome
package designed to contain only forms and
information relevant to their particular accounts and
circumstances.
Customer Communications Enabled by Digitization
Day 1 Day 2 Day 14 Day 45 Day 90Day 30 Day 60 Day 365
Account
Opening
Personalized
Welcome Kit
Delivered via
client’s preferred
channel
Outbound Client
Communication
Introduce additional
products and services
Questions
comments
concerns
Personalized
e-Statements
with Relevant
Offers
Engagement Call
Relevant offers
Asset transfers
Follow-up
Email on
Cross-sell
Offers
Call/Email
to Ask for
Referrals
Anniversary
Phone Call
& Gift
8. info@doxim.comdoxim.com
An exceptional account opening experience
should be followed with a series of personal
touchpoints during the first year of the client
lifecycle. Recent studies suggest that most
clients prefer a scheduled meeting with their
primary wealth management advisor at least
quarterly3
. These touchpoints offer your advisors
an opportunity to deepen relationships and help
clients select products and services that address
their changing needs. Leveraging wants and
needs identified during onboarding that can help
guide these conversations.
Deepening Your Client Relationship
Today’s increasingly digital clients expect to access
information about their wealth quickly, via any
device, at every point during the client lifecycle. To
keep them happy, you need to offer them access
to all their financial documents easily, through their
preferred channel, and be ready to answer their
account-related questions immediately, 24/7.
You have to issue statements and reports to
your clients to meet regulatory imperatives, and
you know your clients review them - so why not
transform boring statements into attractive,
Business Statements Worth Reading
Keeping Information at the Client’s Fingertips
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Delivery Channel Preferences: How HNW Clients Prefer to Interact with Wealth
Managers CEB TowerGroup 2011
The Reimagined
Client Experience
easy-to-read communications with personalized
content and 1:1 targeted marketing messages on
them? Your clients will appreciate the improved
look and feel, and you’ll benefit from increased
cross-sell rates.
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Client preferences for ongoing,
personal interactions are going
unanswered. 77% of firms still
only require an annual review
with clients.
- CEB,
2014 Advisory Experience Diagnostic
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9. info@doxim.comdoxim.com
The Right Technology
Your firm’s success hinges on the
relationships your advisors build and the
trust your clients have in your organization.
With the right technology, you can help
your advisors do more of what they do
best, by getting the non-revenue generating
busywork out of the way and enabling them
to uncover, document, and act on client
needs throughout the client lifecycle.
Brings it All Together
10. info@doxim.comdoxim.com
Doxim has been servicing the needs of diverse wealth management firms for over 15 years, delivering unique and finely tailored solutions that
help clients compete in today’s challenging landscape.
Doxim’s fully digitized, integrated Cilent Engagement Platform increases your AUM by helping your advisory teams take advantage of cross-sell and
up-sell opportunities. By digitizing key business processes, the Doxim Client Engagement Platform eliminates the costs of traditional paper-based,
manual processes and enables you to cost-effectively provide omni-channel service experiences that improve client satisfaction.
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Wealth Management Technology from a
Company that Understands Your Business
The Doxim Client Engagement Platform includes capabilities to provide:
Client
Onboarding
Streamline your
account opening by
using a mobile-
enabled solution
with a wizard-like
interface that
facilitates faster,
more accurate
client onboarding
anytime, anywhere.
Account
Transfer
By digitizing the
account transfer
workflow, Doxim
helps simplify
and speed up this
complex and time
sensitive process.
It means transfered
accounts are
funded sooner,
allowing you to add
value right from the
get go.
Advisor
Onboarding
Advisors access
a segregated
environment with
workflow and
document generation
capabilities. Designed
to help them identify
tasks prior to officially
onboarding client
account information,
while ensuring
regulatory standards
are met.
e-Signature
Support
Provide clients
the flexibility
of e-signing
documents securely
on their computer
or mobile device.
It meets their
demand for a digital
experience and
helps complete
account opening
faster, reducing
abandonment rates.
Enterprise
Content
Management
Consolidate and
share information
through a secure,
centralized content
repository, and
make any and
all documents
available to clients
through your
brokerage portal.
Personalized
Statement
Marketing
Improve the
effectiveness of
your marketing by
placing targeted,
relevant marketing
messages directly
onto statements,
improving your
cross and up sell
rates.
e-Statements
Provide your clients’
with convenient,
cost effective
e-Statements that
can be accessed
online securely 24/7.
See Doxim Wealth Management
Solutions in Action
12. Doxim is a leading provider of SaaS-based customer engagement software for wealth management, credit unions and community banks.
Doxim’s Customer Engagement Platform helps financial institutions transform their client experience, communicate more effectively
throughout the client lifecycle and improve cross sell and upsell activities that drive increased wallet share. The platform addresses
key digitization challenges, from automated client onboarding, through improved, personalized communications to anytime, anywhere
content access, tailored to a clients’ channel preferences. This eliminates costly traditional paper-based, manual processes and enables
cost-effective provision of an omni-channel experience that delights customers and improves their long-term loyalty.
Find out more at www.doxim.com.