Successful client onboarding starts with discovery: listening to the client and developing a sense of what they want and need. This process is facilitated by the availability of analytics, automation and mobile capabilities. The result is a “rich” client profile.

In its most basic form, a rich client profile provides a single view of the entire client, including all accounts, qualifications and suitability for certain investments, and how the client prefers to interact with the firm.

The push for mobile tools and the introduction of a robo-advisory capability help enhance the client onboarding process. Basic checklists and questionnaires are being replaced by more sophisticated two-way dialogue between client and advisor. To fulfill client expectations, firms should have a comprehensive process for collecting client information, using digital channels to support onboarding and enrich profile data, making the process simple for the client.

To discover and articulate the client’s goals, advisors should be able to conduct a live needs analysis and develop multi-dimensional what-if scenarios. Analytics can provide the client with “people like you” examples to demonstrate what others have done in similar situations. By generating these insights, the rich client profile begins to be a differentiator for the wealth management advisor.

Firms that invest in analytics, discovery, and automation and mobile capabilities are enabled to “wow” their clients with integrated, interactive tools.

Read more:

“Getting it Right from the Start: Taking a Strategic Approach to Client Onboarding.”