Wealth management has always been a high-touch industry, where building relationships with clients is a critical part of the job. However, in recent years, the industry has faced challenges with increasing competition, changing regulations, and shifting client expectations. One of the most significant challenges that relationship managers (RMs) face is the time they spend on non-revenue-generating activities. According to research by Accenture, RMs spend almost half of their time each week on non-revenue-generating activities such as administration, non-client meetings, and trade execution. This inefficiency can hurt not only the RMs but also their clients. However, the good news is that software-as-a-service (SaaS) fintech companies are stepping up to help RMs solve these issues.
Using Software to Boost Automation
SaaS fintech companies have developed wealth management software that automates many of the time-consuming tasks RMs face, freeing them up to focus on revenue-generating activities. This can be by helping RMs streamline their workflow by centralizing client information and reducing the time spent on administrative tasks such as data entry and report generation. SaaS platforms also provides RMs with a complete view of the client, including their assets, holdings, and goals. This enables RMs to focus on engaging with clients, providing advice, and building relationships.
Integrating Systems and Tools
The second issue RMs face is the sheer number of tools and applications they use to complete their key activities. According to the same study by Accenture, the average RM uses five different tools or applications to perform each key activity, such as financial planning or portfolio management. This can lead to inefficiencies, as RMs may have to switch between multiple tools to complete a task. Furthermore, using multiple tools can increase the likelihood of errors, as data may need to be manually entered into each system.
This can be averted by using end-to-end platforms that have a wide range of allows for the seamless integration of different functionalities. This greatly reduces the need for RMs to switch between multiple systems. For example, Prive’s wealth management software integrates portfolio management, performance reporting, and client communication into one platform. The platform also provides RMs with a complete view of their clients’ financial situations, including held-away assets. By integrating these tools into one platform, RMs can provide comprehensive financial planning to their clients without having to switch between multiple systems. This can save time and reduce errors, leading to a better client experience.
Relationship managers have been dubbed as being more crucial than ever before. Customers are demanding personalised solutions that tailor to them and their needs. With RMs already being stretched so thin, it is imperative that they are given the necessary support to thrive and serve their clients.
Chief Revenue Officer, APAC
Chief Revenue Officer, EMEA
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