Table of Contents
Younger Generations vs. Client Expectations in Wealth Management
Adopting your customer service strategy is crucial in banking or any other industry, especially when different generations are concerned. The younger ones will use different channels, and each generation will prefer certain services and content. Therefore, we cannot ignore the Great Wealth Transfer—it is here, and it changes your target user.
To understand today’s wealth management client expectations, we must, therefore, look into the differences between the majority of its customers in the past (Boomers) and the current clients (Gen X, Millennials, Gen Z). Below, you’ll find a brief overview of the most crucial changes in preferences and behavior.
| Baby Boomers | Gen X | Millennials | Gen Z | |
| Preferred communication channels | Traditional | A mix of traditional and digital | Digital | Digital (+ self-service) |
| Priority | Security and speed | Personalization and security | Speed and personalization | Speed and convenience |
As you can see, the shift is quite major, as it is time for the first digitized generations to enter the world of wealth management. The priorities also change, with personalization becoming of the utmost importance and security losing the No. 1 spot. Naturally, this does not mean that security is no longer important at all (on the contrary, it’s still the basis for trust), but rather that it will not be the first element that current clients focus on.
Today’s Client Expectations in Wealth Management
Knowing the shift that new, younger clients bring with them, let’s look at the current customer expectations that you need to fulfill. What is crucial in wealth management now? According to Salesforce[1], namely the following 4 elements:
Personalization
As shown in our comparison of different generations, personalization is critical right now—customers want to feel that you know them. Therefore, you need to implement the right tools that will let you get to know your clients better and use this knowledge to show them that you understand their needs.
| Are you looking for an effective IT tool for managing customer data and improving customer service? Learn more about LiveBank24 and its capabilities regarding wealth management. |
Efficient Support
Your wealth managers and the whole team need to provide quick, dedicated support. This requires you to utilize tools that will enable the client to contact them directly and conveniently while allowing your wealth managers to communicate with the client from any place, not only their office (for instance, via an app for wealth management available with the LiveBank platform).
Convenience
The younger generations want wealth management to be easy and convenient. This requires adopting the optichannel approach and offering intuitive solutions, like switching chats when communicating with wealth managers, rather than forcing the client to call them.
Trust and Availability
The younger generations are dynamic; they have been brought up in a world that is constantly changing at a blistering pace. They want to contact their wealth manager frequently, adjust their strategies, and react to market changes—they won’t be satisfied if the communication occurs only occasionally.
Managing Today’s Client Expectations in Wealth Management
So, how do you meet these new client expectations and adjust your wealth management services? One general solution is excellent digitization.
To be able to manage all the abovementioned expectations, your wealth management must be data-driven, your communication channels must be digitized (and integrated), and you should introduce automation, along with new technologies enabling it. Simply said, you need a good platform for wealth management.
For instance, LiveBank24 enables you to take your conversations with clients into the digital realm through a chat messenger in our app. Moreover, our platform will enable your clients to sign documents digitally and authenticate themselves using biometric technology. It also includes AI-powered modules and automated processes to increase the efficiency of your procedures and, hence, the satisfaction of your clients. In simple words, it is a platform that will let you meet the expectations of your wealth management customers and even exceed them!
The Takeaway
Meeting today’s client expectations regarding their experience with wealth management might be a bit challenging since the transfer of wealth still hasn’t ended—you need to work with clients from 4 different generations! Nevertheless, the near future of wealth management will bring a shift toward the digital, hyper-personalization, convenience and optichannel approach—your organization needs to prepare for that!
You might also read: The Importance of Data Security in Wealth Management Software
Sources:
- https://a.sfdcstatic.com/content/dam/www/ocms-backup/assets/pdf/industries/Exceed_Client_Expectations_in_Wealth_Management.pdf
