Over the past 16 years of providing automated onboarding solutions to brokerage and wealth management firms, we've learned a thing or two (or six) about what makes an onboarding program successful. We have been fortunate to work with some of the most innovative financial services firms, and have been able to see how onboarding has transformed over the past two decades. Client and advisor expectations are at an all-time high, and the pressure is on firms to provide innovative, streamlined, user-friendly experiences, beginning with the account opening process. We teamed up with some of our clients to create this list of top characteristics of successful onboarding programs:
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.
IFS recently announced new integration capabilities between its process automation solutions for onboarding, account maintenance, asset movement and other processes, and client's CRM tools. With the CRM integration, financial services firms can make the most of existing data stored in your firm's CRM and open accounts and complete other requests quicker and easier.
According to a survey conducted by Schwab Advisor Services and published in Financial Advisor Magazine, less than 20 percent of financial advisors believe their firm is doing the most they can with their CRM system. The same survey indicated that 98 percent of advisors most often use their CRM to store client information, and 61 percent use their CRM to prepare and send client communications. While these two functions are powerful capabilities of a CRM, they only scratch the surface of what financial services firms could do with their existing CRM.
In this series of blog posts, we are exploring the reason why organizations go through the effort, expense and disruption of pursuing process automation projects. This post explores our thought process when we think about end-to-end process efficiency in automation efforts.
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.
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.