2018: The Financial Services Industry Plays Capture the Flag

2018: The Financial Services Industry Plays Capture the Flag

Posted by Ray Mulligan on Dec 5, 2018 11:54:00 AM

2018 blogWow, what a year of everyone running towards the same flag at the top of the hill! Trillions of dollars in assets are up-for-grabs, and the transfer of assets is taking place. Just like in the dot-com era, where we heard much about counting eyeballs, this race is about capturing assets. 

According to a recent report from Cerulli Associates, there will be almost 45 million households transferring over $68 trillion dollars over the next 25 years. Where those assets find a home will be based on a number of key factors, one of which is the customer experiences firms are offering. 

Every company in the world is now competing with best-in-class customer experiences that are available on your smart phone for free. This means that your offering now needs to be as simple as the Google search page, as comprehensive as Amazon, and as hip and cool as Instagram. 

The goal is profitable growth and scalability through providing great experiences for three target audiences:

  1. Existing and Prospective Clients - Make it easy to do business with your firm
  2. Advisors and Their Teams - Provide the tools to propel advisors to success and convince advisors looking for a new home that you are the place to land
  3. Home Office and Support Staff - Create an environment where they can focus on the exceptions, doing work that makes a difference rather than busy work

Creating a connected set of policies, tools and processes that transforms the numerous independent steps involved in getting things done into one integrated experience is critical to each of these audiences. This transformation will reduce the friction of getting data from one step in the process to the next and eliminate the normal speed bumps of crossing applications or organizational boundaries. A disjointed and fragmented process with unexpected complexity or breaks will no longer be acceptable for these demanding users.

This may look a little different for each group, but there is one common theme: access, control and ease-of-use: 

  • Clients - Are your clients demanding the ability to move money or update their profile at any hour of the day (or night), from their phone, wondering why your firm is not more like the other companies with which they do business?
  • Advisors - Is your process for onboarding new advisors riddled with paperwork and manual effort? 
  • Support Staff - Are your internal support teams working really hard but still overwhelmed with paper, expedited requests, status checking, incomplete information and other delays that create a disappointing experience for everyone involved? 

Any of these scenarios sound familiar? At IFS, we are committed to helping your firm create the types of experiences that are going to satisfy clients, advisors and staff, helping you capture the assets that are in motion. The solutions that we deliver remove friction, facilitate end-to-end process flows, and create excellent experiences across your firm. We take this clear focus into every engagement, always asking, “How can we make this experience better?” 

The assets are out there--we want to help you get your share. Get in touch to learn more about IFS.

Topics: Financial Services Industry, FinTech, technology

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