Findings From Franklin Templeton’s FinTech Report: Elevating The Digital Client Experience

Amid a massive?generational transfer of wealth?and the continued rise in the adoption of wealth technologies, Broker-Dealers and RIA firms have a real opportunity to deploy tech in meaningful ways that will help them acquire ideal clients, retain clients more efficiently, and importantly, extend their value proposition to client's family members.

In Franklin Templeton’s recent survey in collaboration with?Institutional Investor’s Custom Research Lab,?more than 150 RIAs?provided rich insight that supports and highlights enthusiasm for the adoption of new wealth technology among investment advisors.

The four statistics below summarize and represent major findings?published within the report?which are very telling of where the future state of?modern wealth management?is headed.

FINDING #1) 89%?of RIAs agree that a?high-quality digital client experience?is an important competitive differentiator.

This one hits home and for good reason. Here at FutureVault, we’re paving the way for what we strongly believe to be a significant component of the overall client value proposition and the future of digital client experiences;?Personal Life Management.

The?Personal Life Management Vault? provides firms and advisors with a massive competitive advantage by enhancing the advisor-client relationship and delivering an elevated digital client experience that builds trust and loyalty.?Personal Life Management Vaults?provide an efficient way to retain clients and create stickiness across households by providing value that extends well beyond the confines of a typical advisor-client relationship and across generations.

In our view, it all starts and ends with clients. The firms and advisors that can provide value and client-centric service to clients and their family members will be the ones who ultimately reap the benefits and win in the long run.

FINDING #2) 79%?of RIAs agree that their firm’s?digital infrastructure?is increasingly important in?hiring and retaining first-rate professional talent.

We continue to witness first-hand how the implementation of best-in-class technology is an increasingly effective way for institutions and firms to attract and retain top talent.

FutureVault’s modern, client-centric, open API platform provides firms (and advisors) with a digital infrastructure that ultimately results in capacity and efficiency gains in their practice along with significant value being added to clients’ personal lives.

When advisors are equipped with the right technology and tools to support their workflow and ability to scale, it gives them and their clients a good reason to stick around.

FINDING #3) 71%?of RIAs plan to make a moderate or?aggressive investment in client onboarding and account holdings?data management technology over the next two years.

Onboarding new clients?is an enormous undertaking that represents one of the first opportunities for firms and advisors to demonstrate their ability to provide value to their clients.

This is precisely why creating a seamlessly integrated onboarding process that reduces friction for your clients in various ways such as reducing back-and-forth exchanges, automating the delivery of key information, and providing access to any critical documentation is table stakes. Good onboarding is all about making it as easy as possible for your clients to do business and continue doing business with your firm.

A smooth, efficient, and enjoyable onboarding experience results in a win-win-win for all stakeholders involved.

FINDING #4) 85%?of RIAs see a critical or moderate need for technology?to improve day-to-day client service activities and communication.?

We know all too well that back and front office staff, especially including advisors, get bogged down with the daily manual administrative burdens and compliance requirements they're obligated to carry out.

Well-known practice management expert Grant Hicks often attributes capacity as being the number one challenge that advisors struggle with. When advisors are faced with capacity challenges, it usually means they're struggling to provide adequate value to their clients. This may not always be the case, but it certainly rings true for a large majority of the industry.

At FutureVault, we pride ourselves on having built purpose-fit document exchange and digital vault solutions tailored for modern wealth management that equips modern advisors with the tools, functionality, and integrations to carry out critical document-driven processes and exchanges efficiently and securely.

Not only does this finally afford advisors the chance to ditch the insecure and inefficient methods that include sending, sharing, and receiving documents in the onslaught of back-and-forth email threads with clients, family members, and third-party planning professionals. More importantly, it affords advisors with the ability -- and better yet, the capacity -- to spend time where it matters most; providing value to clients.

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Originally published on futurevault.com