A majority (59%) of wealth managers believe that personal, longstanding relationships are the most important "soft-side" factor in delivering a superior client experience, findings of a new report published by Barclays Wealth and Investment Management (WIM) have revealed.
Approximately 40% wealth management firms have a dedicated client experience head or the equivalent, and the firms regularly collate both qualitative and quantitative feedback from clients, according to the new report published by Barclays WIM, in collaboration with WealthBriefing.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Titled ‘The New Normal: Codifying Superior Client Experience in Wealth Management’, the report explores how wealth managers are enhancing the client experience they deliver, highlighting best practice across the industry.
It also looks at what organisations should be doing to improve service and meet both the wants and needs of high net worth clients.
The report surveys wealth management professionals around the world coupled with interviews with senior executives at a number of leading wealth management firms and consultancies.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataKey findings
The report reveals that while 59% of respondents said they believe clients want "a trusted advisor for all their financial affairs", a third of respondents think that clients today want much more – namely for their institution to act as a holistic facilitator for their life goals.
Approximately 36% of respondents said that their firm does not regularly collate client feedback at all as opposed to the 40% that say they regularly do so. About 26% of respondents said their institution employs an independent third party to regularly collate qualitative feedback from clients – an encouraging sign of how seriously wealth managers are taking the need to get an objective view of how well they are delivering against expectations.
The findings further show that 48% of respondents said that client feedback metrics are integral to their firm’s own assessment of its performance and drive business strategy. Meanwhile, 36% are taking a less rigorous approach, disseminating feedback data to staff and management, but without using it strategically.
The remaining 16% said that "little use appears to be made of client feedback" at their firm.
Client expectations
Anne Grim, managing director, global head of client experience at Barclays Wealth and Investment Management said the challenges seen across the financial services industry have driven a more demanding "expectation of excellence" on the part of wealth management clients.
"To meet the raised expectation, organisations must deepen their understanding of clients, their unique needs and the experience that they expect from their wealth manager. Clients recognise that they have options and the increased emphasis by firms on the client experience improves choice.
"Wealth managers must be focussed on first delivering brilliant basics, ensuring that every interaction is consistently good; from this base we can build a trusted relationship tailored to address each client’s financial needs and ambitions. Understanding best practice in global client experience with a commitment to continually improving that experience will undoubtedly raise the bar and build a new confidence for clients."
