As a result, Schroders has equipped its advisers with the Artesian platform as its front-line engagement platform.
It follows a joint webinar from the firms that stated COVID-19 as not the biggest trend impacting wealth management in the near-to-medium term. Some said it would be unlikely if it made top three concerns.
Furthermore, 67% of wealth and private banking leaders stated that innovation will be the decisive factor in determining success in the medium term.
The biggest challenges reported were:
- Delivering hyper-personalised engagements;
- Increasing the diversity of the client base in line with changing wealth dynamics, and
- Continuously uncovering opportunities to create holistic value beyond pure economic returns.
Graham Kellen, CTO at Schroders, commented: “The firms that win in the long term will understand what client experience is about, and will embrace the opportunities afforded by digital. The entire process needs to be reimagined to remove friction, reduce client effort and personalise services. This means equipping business development managers and advisers with real-time financial data, risk data, advanced customer insights and market intelligence to rapidly understand the evolving needs of clients, as well as clients of the future.”
Andrew Yates, CEO at Artesian added: “COVID-19 has thrown into stark relief the fact that faster adoption of technology is now a necessity, if wealth management is to truly align with client needs and expectations, as well as gauge what the clients of the future will look like. The winners in the next 3-5 years will be those embracing innovation to consistently provide client-centric moments, personalise advice with an holistic total wealth and lifestyle perspective, evaluate where they can add value beyond pure economic returns, and stay one step ahead of emerging needs, in particular the demands of changing wealth demographics and new client segments. We are delighted to be working with Schroders Personal Wealth to lead the charge in reimagining a hi-tech future for what has traditionally been a high-touch sector.”