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Wealth Management: An Industry at a Crossroads

The wealth management industry currently stands at a crossroads that is driving firms to adapt and update business models in order to succeed into the future. Future growth will come less from marketing and rainmakers, and more from your firm’s service model and the ways in which these services are delivered.

You will have to deliver personalized services to many varied clients, offering the same high quality to every client, every time – from initial contact to information collection, discussions of goals, delivery of investment advice, monitoring of portfolio performance, retirement and estate planning, and all the transactions, questions, and steps in between.

It’s a complicated process to document and redefine, especially when combined with today’s massively changing demographics, technological advancements, and expectations. It requires differentiating your firm through personal service, navigating an increasingly complicated financial planning and regulatory landscape, appealing to younger generations, upgrading digital infrastructures, and augmenting omni-channel service models with AI and machine learning.

Plus, you must do all this while margin and fee pressures intensify across the industry. It requires trust.

These are challenging times, but also times filled with tremendous opportunities for wealth management firms that truly understand their strengths, their value propositions, and what their prospects and clients want. It’s not good enough to deliver discreet service improvement or ad-hoc digital capabilities and hope for the best.

Those firms that build client trust by leveraging automation, data, and humans together – exploiting the unique strengths of each to deliver service models focused on operational excellence, business models focused on transparency, and authentic personalization – will see big dividends.

Perficient + Financial Services

Companies in banking, asset and wealth management, capital markets, and insurance turn to us to help solve their most complex business and technology challenges. Whether it’s keeping pace with today’s digital transformation and cross-channel experience demands, improving operational efficiency, or dealing with the complexities of regulatory reform, we’re helping you redefine the future of financial services for your customers.

We recently published a guide exploring how to build trust in wealth management. You can download the guide below or by clicking here.

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