Finantix and WealthBriefing report finds low satisfaction levels with current communication practices


Wealth technology provider Finantix, in collaboration with WealthBriefing, has published part two of its ongoing research series into the future of wealth management, entitled ‘Defining - and Delivering - Personalised Client Engagement’.

Following the first report on client acquisition, this new report identifies drivers for a new model of client engagement in wealth management. It also examines how technology, including Artificial Intelligence (AI), can support high levels of personal, timely and actionable adviser-to-client communication.

The report finds that research carried out with single and multiple-market wealth managers clearly indicates low satisfaction levels with current communication practices, among both clients and executives with senior level responsibility. Some 54 per cent of wealth managers rate their process for producing and distributing investment commentaries as poor to average with less than 50 per cent of wealth managers efficiently customising investment commentaries for individual clients. In addition, while 90 per cent of firms would ideally increase usage of multiple digital channels, 60 per cent do not yet have a good enough CRM system to help advisers efficiently manage multiple leads, prospects and client relationships.

The authors write that this is further supported by a recent Gartner CIO agenda poll stating that a staggering 93 per cent of wealth executives said that internal technology does not meet their needs. An even greater percentage (95 per cent) also cited client-facing technology that fails to meet firms’ requirements or client needs as an issue.

Reflecting on the research responses, Alessandro Tonchia, Co-Founder and Head of Strategy at Finantix, emphasised the importance of data for client personalisation and engagement, saying: “An engagement platform for wealth management needs to adequately capture information on clients’ preferences, objectives, concerns and family structures. This information will drive daily health checks, individualised information diets, investment recommendations along with the style and channel of interactions. Most importantly, the system will help advisers ensure that such information is always up to date.”

Survey respondents are executives with senior-level responsibility for marketing and business development from a broad selection of leading single and multi-market wealth managers.

Author Profile
Beverly Chandler
Employee title
Managing Editor