Reimagining Wealth Management

I was in an interesting panel recently discussing around road map to capacity building in the Client Advisory & Relationship Management skills for the future of wealth management. I thought of writing this piece for you as I think it is worth sharing.

India is in its exciting phase and it is the right time to adapt to the changing needs in our industry. As we move towards the dream of becoming 5 trillion dollar economy, I feel our industry will play a crucial role.

The wealth management is changing, and it is changing fast, not only globally but in India as well. Multiple forces that I can see that is reshaping our playing field are shifting client expectations, innovative technologies and disruptive operating models. If you look at client behavior too, it is changing across all segments. More and more, clients are demanding online tools and mobile functionality as well as a seamless customer experience that is fast, convenient and intuitive.

Today, wealth management clients are demanding retail industry experience like booking a cab or flight tickets in just one click, to manage their portfolio. The demand to make full use of digital infrastructure capabilities is top requirements for client experience. It seems like only yesterday when wealth managers interacted with clients almost entirely by phone, email, electronic orders and face-to-face presentations. Today, a large majority of clients will not mind the intervention of digital solution for their needs. With the FinTechs delivering host of innovative solutions, we as wealth managers should capture this opportunity to cooperate and build our funnel for strong digital capabilities.

However, point to be noted that some aspects of interaction with clients will always remain at a personal level. Within the traditional advisory process, clients and their advisors should be able to opt for smart and purposeful technology-driven support. The importance of understanding Emotional Quotient (EQ) will play a big role for wealth managers. The modern businesses are defined by transparent communication and I feel having emotional intelligence allows managers to better comprehend and motivate a new age customer. Wealth management will remain a people business; however, digitally enabled production and advice will have a major impact on how we do business.

So to conclude, you will need holistic wealth managers, who will take a digital advisory approach driven by life events to deliver genuine added value for clients. 

Cheers!

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(Disclaimer: The details and investment tips expressed by the expert in the article are his personal views. We advise you all to check with your certified financial advisors before taking any investment decisions. Investments in securities market are subject to market risks, read all the related documents carefully before investing.)