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Wealth management

Digital Client Portal: The Wealth Manager’s Key to HNWI Loyalty

Digital technology and online services are an everyday part of life for HNWIs across all markets and age groups. It follows that in a world where phones can unlock cars and A.I.-powered virtual assistants can schedule appointments, your client base will expect digital functionality in the management of their portfolio.

Wealth management firms which don’t align their services with new exponentially growing technology risk losing business to those firms who can offer clients straightforward, fast, and technologically compatible wealth management solutions.

Instant Gratification / High Uptake of Technology Among HNWIs

For HNWIs, digital servicing is now normal and expected.

They don’t want to wait until the end of the week or month for a letter or email to find out how their portfolio is performing. They want to access all the information on their investments safely and instantly at any time, from any device, just as easily as they can check online banking.

Based on the PWC report HNWIs and Digital 85% of HNWIs use 3+ digital devices, and 98% access internet/apps daily.

Expectations around communication have changed.

HNWIs want an expert, personalized advice that goes beyond periodically receiving a spreadsheet of dry data, and they don’t want the bother of having to phone up their financial advisor during business hours every time they need some information.

As technology quickens the pace of modern living wealth management firms are placed under increasing pressure to speed up the turnaround time for client enquiries or risk losing customers to more efficient competitors.

Digital Is Key to Wealth Management

Happily, where technology is the cause of this dilemma it also offers a solution in the form of the Digital Client Portal. This time-saving tech offers HNWI clients a fast and convenient way to check on demand how their assets are performing.

Portals work by allowing HNWI to log in to an online platform for a complete overview of their assets whenever they like via a device of their choosing.

Encryption is used to ensure that sensitive and confidential data is stored securely. HNWIs can access information regarding their portfolio conveniently, instantly, and in a user-friendly format.

Next Generation is Coming

In the PWC report Asset & Wealth Management Revolution: Embracing Exponential Change it states that by 2029 roughly 16,000 ultra-high net worth individuals with a combined net worth in excess of $4.1 trillion will pass their wealth on to the next digitally-native generation.

Wealth management firms must be prepared for this upcoming change by taking full advantage of the incredible digital technology available now and looking ahead to what new technology is just around the corner.

Now is the perfect time to start your firm’s digital transition.

Although receptiveness to using technology is most evident amongst the younger wealthy with over 75 percent of HNWIs aged under 45 describing themselves as confident and enthusiastic about technology, its use is now a regular part of daily life across all age groups.

It’s About Time

Client Portals are a great way for wealth managers to speed up communication with their HNW clients and optimize workflow whilst tying up fewer resources. They allow data spreadsheets to be split into multiple investor-specific reports so that labor-intensive tasks like generating and sending consolidated account statements can be carried out in just a few clicks of the mouse.

Digital Means Affordable

By helping wealth managers to optimize their workflow, Digital Client Portals can also cut their operational costs. And, implementing the portals themselves need not to be expensive.

SaaS-based portals are web-based so they don’t require the capital expenditure and regular maintenance costs that which solutions requiring hardware or software can incur. As purely online technology they don’t require a lengthy set-up.

Other Options

If you decide a Digital Client Portal isn’t for you then you can hire more staff to handle the growing deluge of client requests. And, to make the reports you send your clients more detailed and attractive you could expand your data team and take on a designer.

These solutions may work but they are certainly not cost-effective. The alternative is to use a web-based platform to build simple reports which you can send out to your clients. This would save you some time and provide more value-added services but it still wouldn’t give your clients the anytime access they crave, leaving you vulnerable to competitors.

A Portal You Can Rely on

The Digital Client Portal designed by WealthArc gives your clients 24-hour access to their assets via a high-performance, intuitive and visually appealing SaaS-based platform that will satisfy even the most technologically sophisticated.

Your clients can log in to their own portfolio dashboard via a user-friendly portal and check on their investments including properties, P/E, art and other assets – at any time from any device.

With the fast, user-friendly, and personalized service they receive from you, your HNW clients will remain loyal and will naturally recommend your services to others.

You will also differentiate from competitors and attract new generation of HNWIs.

The portal designed by WealthArc forms part of a larger solution that uses smart technology and workflow automation to make wealth management quick and easy whilst maintaining regulatory compliance.

You could hire a company or ask your tech team to design and build a portal for you. However, the portal created by WealthArc is part of a wealth management solution that was designed and custom-built by professionals experienced in both the finance and technology industries.

The success of the platform has seen WealthArc quickly grow from a small team into a flourishing company. It might not be worth spending the time and money necessary to replicate an already successful solution which is readily available.

Exceed Your Client’s Expectations With WealthArc

By using the WealthArc platform to optimize workflow you will finally have the time to create and implement irresistible value-added services, and forge deeper and more meaningful connections with your HNW client base.

When you’re ready to work smarter with WealthArc please contact a member of our sales team. To find out more about our product go ahead and book a free demonstration via our website.

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