Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Every wealth management firm needs to be thinking strategically about its technology to gain as much free access to its data as possible. We learned during the pandemic, as people were working remotely and data was scattered everywhere, that firms need to be especially vigilant about where their data resides. Yet there is still a surprising lack of strategy and innovation around technology integration, with many business owners and organizations struggling to design their client and prospect journeys before deploying the appropriate tech.
A wealth management business’ tech journey should begin with answering this simple question: “Why do people work with our firm?” Every firm, no matter the size, needs a satisfactory answer to that question, or it stands to dilute the power and impact of its technology. Ask yourselves, “How do we think of our firm and promote ourselves to the wealth management industry? Who are we to our clients and why do they choose to work with us?” When you know who you need to be to your clients, what they are here for, and why you are different, you can take your strategy to the next level. This can be accomplished with something that my firm calls “journey mapping.”
Journey mapping can be defined as a myopic approach to the interplay between a prospect or client and your firm, looking at every experience under a microscope. It identifies unnecessary complexity, common pain points, and user emotions at various touchpoints in the customer journey, allowing you to deliver better service. Such exercises that closely analyze the client and prospect journey offer invaluable insights into missed opportunities to bolster your brand, reinforce a micro-commitment to a sale if they are a prospect, or help drive engagement and deeper connection with existing clients. By looking beneath the surface to identify any missed moments, you uncover additional opportunities to dazzle and delight your clients.
