Digital Tools for Wealth Advisors
Digital Tools for Wealth Advisors

Digital Tools for Wealth Advisors

Shyam Krishnan S

In today’s world, more and more wealth management companies have started to use technology and digital tools to gain an advantage in the field. Even though digital transformation presents a few challenges to wealth management companies, it also provides various benefits. More importantly, digital tools and technology have helped these companies grow their client portfolio by helping them connect better with the clients. Small and medium-sized companies dealing with wealth management products should understand that they need look to incorporate digital tools to grow their clientele.

However, it is important to understand the purpose of the tools to maximize their efficiency. Since customer relationship is very important for wealth managers, they should look for digital tools that could improve their online customer support. By improving online customer engagement and satisfaction, wealth managers can enhance their revenue and brand reputation. Therefore, this article will look at how wealth management companies can utilize three digital tools to improve their customer relationship.

Live ChatAlthough email remains as the primary form of communication between wealth managers and customers, chat has steadily risen over the years. According to the leading data analyst Global Data, almost 40% of people in Asia-Pacific preferred to chat with their wealth management companies in 2018. The main reason for the same is the ‘instant support’ factor. Customers require instant help and live chat is one of the very few tools that can provide it. Through instant support, companies can increase customer trust and satisfaction, which results in increased brand reputation. Live chat can also be automated to provide 24/7 seamless customer support, which will be a huge benefit for new entrants in the wealth management market. With 24/7 customer support, new entrants will be able to entice new customers and gain an edge over their competitors. All these benefits make live chat a superior investment to all wealth advisors.

CRM & Lead Management ToolsCustomer relationship is important for wealth management companies because most of them depend on referrals from existing customers. Building and managing customer relationships could become a hectic task for companies that ‘go digital’. They might struggle to effectively manage their leads and create a concrete marketing plan. As the name implies, a good Customer Relationship Manager (CRM) will enhance customer relations by streamlining the lead management process. With the help of a CRM, wealth management companies can easily nurture their prospective leads and build trust. With lead management, wealth management companies can classify leads and target a specific set of leads. Another advantage of using lead management is that it can help companies identify ‘dead leads’. Both these efforts reduces ‘wasted efforts’ and increases efficiency. These advantages are paramount for a wealth management company that is focused on improving customer relations.

WhatsApp BusinessWealth management companies understand that personalized customer support is the best way to improve customer relationships. Communicating via the generic SMS or email might not be enough to satisfy today’s customers. Therefore, WhatsApp Business can be the best alternative. Since the app provides secure two-way communications, it is terrific for your customer support needs. Moreover, it is highly convenient as most customers are already using WhatsApp for communicating with their friends and family. Since most customers do not like calls or SMS, wealth managers can replace them with WhatsApp communications. Wealth managers can rest assured that their status updates and other details will be read when they send it through WhatsApp. WhatsApp is also an effective way to share knowledge and promotions to your customer base. The app also enables wealth managers to provide personalized messages and offers to their VIP customers. With these benefits, it is clear that WhatsApp business will help wealth managers connect with customers; build brand reputation; and seamlessly grow their business.

Each one of these three digital tools will provide a massive boost to wealth management companies. If wealth managers seamlessly integrate all three tools, they will be able to conveniently convert new customers; build customer trust; and acquire new customers through their references. In addition to the referral leads, they will also be able to gain additional new leads by swiftly answering visitor queries through live chat. We can clearly see that wealth managers who use all three tools efficiently will generate greater revenues without sacrificing customer satisfaction. This is especially true for small companies that deal with wealth management products. If you are dealing with wealth management products, we sincerely hope that this article helped you with your digital transformation.

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