Digital Client Onboarding: the new standard for Wealth Managers

Entrée en relation digitale pour les clients des Gérants de fortune

Digital Client Onboarding: the new standard?

Nowadays, the robo-advice industry promise to open an account in less than an hour with a true straight-through processing across all delivery channels and account types.

While the majority of wealth management firms still require manual and paper process. In particular, firms often need to return to clients multiple times to request additional documents that could have been collected in one go. This process can last up to four months.

But in an increasingly competitive environment, wealth management firms realize they do not have a second chance to make a first impression.

The negative impact of a non-automated onboarding process on your prospects

Traditionally, firms in the Wealth Sector have completed onboarding for prospective clients using a mix of face to face meetings, formal paper documents, and emails.
As this information is captured manually, it often then needs to be re-typed into one or more internal systems to help complete the approval and set-up of the client.

As the first engagement with the firm, it is critical that the onboarding process is as easy and tailored as possible, as it will help set the tone for the ongoing relationship.

A key element of providing a successful client
experience is ensuring that the onboarding process is ‘right-first-time’ and that the length of the onboarding process (and therefore the time to revenue) is as short as possible.

Another outcome is reducing the cost of client take-on. Because non-automated onboarding process leads to placing an administrative burden on the front office. This, in turn, impacts margins and requires operational and front office staff to be re-directed from other more productive activities.

Key quick-wins to reduce the cost of client take-on

During face-to-face meetings between relationship managers and clients, you need to ensure that information still only needs to be entered once. So traditional forms has to be standardized and then scanned to be processed between departments and keep an electronic audit trail, reducing risk and compliance costs for the wealth management firm.

This is a significant improvement over paper-based audit trails, which are labor-intensive and more prone to error.

This quick-win not only improves compliance but also adding value to client relationships, which ultimately builds loyalty to the firm.

How Mon Gérant will help you implementing your digital onboarding process

Digital onboarding is a complex orchestration of interactive tasks, collaborations and commodity services that will only deliver business benefit and superior client outcomes when considered as a whole.

It is essential for firms to engage with partners and deploy technology that can create an integrated processes and solutions at all of these stages – rather than simply delivering a single element such as the portal as though the client user interface were the only challenge.

Our team of experts can help you handling the complexity of onboarding clients with a state-of-art solution suiting your operational needs.

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