Several members of the IFS team had the pleasure of participating in Pershing’s INSITE 2019 last week in Phoenix. The conference featured 36 breakout sessions, 4 professional development workshops, 48 showcase stage presentations, a booming exhibit hall and a wealth of “inspiration, learning and networking.” Our CEO Tim Parsons and Managing Director of Product Strategy Ray Mulligan, along with Account Director Shaun Christensen, braved the desert to attend the financial advice community’s leading conference. As scorching as the weather was, we also got to take part in showing off some sizzling technology and participate in hot conversations around digital transformation, client onboarding and so much more. Here are our top takeaways from INSITE 2019:
In our last blog post, we shared and explored the top 8 trends that are currently influencing wealth management onboarding. One of those trends is so pervasive and impactful that we felt it deserved its own blog post. That trend is the overwhelming shift towards integrated client onboarding experiences. Like we mentioned in our last post, firms have historically viewed the client onboarding process as a standalone process. But, today, firms are taking a broader, more client-centric view of the onboarding process.
As everyone in wealth management knows, the onboarding process is the first step towards a great client relationship. If all goes well, it builds the foundation for a long and mutually beneficial future for the client, advisor and firm. Because the onboarding process really begins with the first contact with an advisor, a negative experience could make a bad first impression, or, worse, cost you the client.
At last week’s 43rd annual SIFMA Operations Conference & Exhibition in Miami Beach, FL, Randy Barnes, our Director of Product Management had the opportunity to present with our friends at Thomson Reuters on delivering operational excellence. Randy’s portion of the presentation focused on delivering cost-effective operational excellence through straight-through-processing and client onboarding, while other members of the panel discussed exception capture and remediation and shared services.
As its name suggests, agile development methodology requires a level of flexibility and adaptability. Professionals from any industry who have embarked on a process automation project or solution implementation know that the success of their project is dependent on a commitment to flexibility. But this is especially true for financial services firms. Between the evolving expectations of today’s investors and the constantly changing regulatory landscape, flexibility is vital.
Last Thursday, we hosted a webinar “Effective Onboarding Practices: Improving Your Firm’s Most Critical Business Process.” In the webinar, members of our product team Ray Mulligan and Randy Barnes guides participants through the onboarding process from the front to the back office and provided tips for improving any wealth management firm’s onboarding system.
Within the financial services industry, perspectives vary widely on whether new customer onboarding is a front office or back office function. In fact, a 2011 study from the Aite Group showed that, among small wealth management firms, 26% of respondent viewed new customer onboarding as a front office automated tool, whereas 46% of respondents saw it as a back office function. And, among large to midsize wealth management firms, only 8% of respondents indicated that new customer onboarding is a front office automation tool, and 64% responed that onboarding is a back office function.
In today’s competitive landscape, financial services firms are looking to technology to improve client relationships. Two of the most common technologies used to manage the client experience are Customer Relationship Management (CRM) solutions and New Account Opening/Onboarding solutions. Some firms fall into the trap of using one technology solution to manage all of the requirements and challenges that come along with opening new investment accounts.
Recent industry reports indicate that over 80% of financial advisors want to improve automation of their workflows to increase operational efficiency. Onboarding is one of the most critical yet complex and compliance sensitive processes for financial services firms.
As is the case in the rapidly-evolving industry of financial services, 2015 was a year of exciting changes in terms of the products and services that are available to the financial consumer. As we reflect back on the year, let’s take a look at some of the most meaningful industry trends from 2015.