5 Trends That Will Impact Client Acquisition in 2018 - An Executive Briefing with Bill Walton September 14, 2017 - Bill Walton Sales ...
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5 Trends That Will Impact Client Acquisition in 2018 An Executive Briefing with Bill Walton September 14, 2017 ©2017 ProDirect LLC All Rights Reserved.
About Bill Walton Sales Training Client Acquisition Authority in Wealth Management As seen in: ©2017 ProDirect LLC All Rights Reserved. 2
Contents and Agenda
• Introductions
• Rationale for Today
• The 5 Trends:
– The global socio-economic environment – “Impact Everything”
– Fiduciary duty and shifts to fee-based models
– Changing client needs: diversity and complexity
– Need for digital solutions (internal and external)
– Emerging advisor/client relationship models
• Q&A
• Close
©2017 ProDirect LLC All Rights Reserved. 3
Todays Purpose… Global Wealth Management is bracing for a multitude of changes – weaker developed economies, new fiduciary landscape and demographic shifts in what constitutes an ideal client. This briefing will identify challenges and recommendations on how platform providers, advisors and their asset management partners can mean more to a changing prospect and client landscape in 2018. The 5 trends we’ll discuss: • The global socio-economic environment – “Impact Everything” • Fiduciary duty and shifts to fee-based models • Changing client needs: diversity and complexity • Need for digital solutions (internal and external) • Emerging advisor/client relationship models ©2017 ProDirect LLC All Rights Reserved. 4
Trend 1: Impact “Everything”
What I want, when I want it and how I want it
• Recent world events have reshaped the
political, economic and social map.
• The established order has been turned on
its head, and powerful trends – like climate
change, populism, and AI have emerged.
• We all want control, influence and
transparency [and a CONNECTION]
• BlackRock launched new division called
“Impact”; Goldman Sachs acquired Imprint
Capital; and Bain Capital and TPG launched
impact funds.
©2017 ProDirect LLC All Rights Reserved. 5
Trend 2: Impact of Fiduciary Rule
Robo
Shift to
Advisors
Fee Based
and
Advisory
FinTechs
Compliance Impact More
Costs of DOL Aware
Spike Client
Revenue Growth In
Loss RIA Model
Source: Source: Capgemini Financial Services Analysis, 2016
©2017 ProDirect LLC All Rights Reserved. 6
Trend 3: Changing Client Needs
The typical HNWI evolving into highly demanding client, looking for
high-end financial planning and professional advice.
• More aware of the types of alternative services available
• Demanding better fee structures from their asset managers:
– lower fees for standardized services
– transparent pricing for clients è price competition è margin pressure
• Demand for digital communication: real-time and online portfolio management
Focus: providing a better customer experience and value add.
©2017 ProDirect LLC All Rights Reserved. 7
Trend 3: Changing Client Needs
Wealth Management Operating Models of the Future
Interesting Fact:
Hybrid Globally, 36.0% of HNWIs believed
that the firm is the reason to hold
assets with them, compared to
24.0% who said the wealth manager
Robo/ Goals was the reason.
Platform Based
Source: 2015 RBC Wealth Management
©2017 ProDirect LLC All Rights Reserved. 8
Trend 4: Need for Digital Solutions
• All firms trying to leverage digital technology to transform their businesses.
• Wealth managers recognize role digital technology plays in delivering service.
• Tech-savvy users are demanding increased access to information and resources.
EXAMPLES:
• Intuitive website designs and consolidated investment portals that streamline user
navigation and delivering information across functions to drive usage and customer
collaboration.
• Multi-channel communications across instant messaging, video chat, social media,
and co-browsing.
• Aggregator models that capture information from clients through self-serve mobile
and iPad applications – when you know more, you can mean more.
Source: Tandem7, How to Digitally Transform the Wealth Management Experience
©2017 ProDirect LLC All Rights Reserved. 9
Trend 4: Need for Digital Solutions
For Client Acquisition:
Focus on understanding the
client’s objectives, needs,
household, health, family
history, and risk tolerance.
This data should be captured
digitally during up front
conversations with the client
and/or via online self-
directed wizard-like tools.
Source: Tandem7
©2017 ProDirect LLC All Rights Reserved. 10
Trend 5: Emerging Advisor /Client Relationship Models
“If we truly want to erase the seams between (customer experience) channels and
experiences, these systems of record should become decidedly less distinct. Customer
data and voice should be shared and orchestration paths and workflows should be
connected and coordinated via a unified hub.”
– Jake Sorfman, Toward a Unified Customer Experience Hub, Gartner
• Develop services & solutions given investment themes pursued by HNWIs.
• Employ business models that leverage brand value and technological capabilities.
• Source of wealth is key – inherited or created?
• Ideal client segmentation never more important.
Wealthy Land Owner CEO Entrepreneur Newly Married Professional Couple Family Office
©2017 ProDirect LLC All Rights Reserved. 11
Recommendations 1. Answer this – what do YOU want? (besides more) 2. For firms – find the right recipe of tech AND services ASAP 3. For advisors, brokers, Private Client specialists: Who is ideal? 4. Segment by client type – build an “issue fluency” 5. Learn more to know more – “can the inquisition” 6. Clarify your value prop and connect to #3 7. For RIAs and Independent brokers: sharpen your business acumen ©2017 ProDirect LLC All Rights Reserved. 12
©2017 ProDirect LLC All Rights Reserved. 13
5 Trends That Will Impact Client Acquisition in 2018 An Executive Briefing with Bill Walton September 14, 2017 bwalton@billwaltonsalestraining.com ©2017 ProDirect LLC All Rights Reserved.
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