3rd Delta’s Post

Sharing with you the Power of Personalization in Wealth Management 🚀 In an industry brimming with competition, the winners will be those who master the art of client engagement through deep personalization. Here are some compelling insights from the "Oxford Client Engagement Guide": By 2027, an alarming 16% of wealth management organizations are projected to fail or be absorbed, doubling the historical rate, highlighting the urgent need for firms to innovate or face extinction. The investment management industry has seen a dramatic shift in revenue prospects. In 2021, 30% of respondents were optimistic about their institution’s revenue prospects for the next year. Fast forward to 2023, and that optimism has plummeted to just 10%, with 33% expecting slightly worse outcomes and 8% anticipating significantly worse results. Over 50% of wealth management clients are willing to pay more for personalized services, underscoring the high demand for customization and relevance in financial advice. Implementing behavioral finance and technology to personalize client experiences can lead to a 2-6x increase in engagement and over 10% organic growth in AUM. Emotional decisions cost investors an average of 300 basis points a year. Addressing this through personalized engagement not only enhances client outcomes but represents a significant, untapped value for wealth managers. These insights underscore the critical importance of personalized client engagement in today's wealth management landscape. Firms that leverage data, behavioral science, and technology to understand and meet their clients' unique needs will not only thrive but also build a sustainable competitive advantage. #WealthManagement #Personalization #ClientEngagement #BehavioralFinance #Innovation

Why Join The Elite Advisor Collaboration Program? • Accelerate Your Growth: Overcome the common hurdles in serving UHNW clients with access to a wealth of knowledge on advanced planning strategies and critical business insights. • Unwavering Transparency: Benefit from the open and honest exchange of ideas and experiences amongst peers. • Enhance Client Solutions: Fast-track complex case resolutions and boost client satisfaction. • Expand Your Professional Circle: Connect with a nationwide network of forward-thinking advisors committed to collective advancement. • Cost-Free Collaboration: Invest your time and expertise in a community that thrives on mutual growth and support. We're looking for visionary advisors and firms ready to challenge the status quo and drive meaningful change. If you're passionate about making a significant impact and exploring new frontiers in wealth management, March 2024 marks the beginning of an exciting journey. Let's innovate together [link in comments] and set new benchmarks for excellence in wealth management.  #WealthInnovation #CollaborateWithCentura #UHNWManagement #WealthManagement #CareerOpportunities #JoinOurTeam #FinancialAdvising #CenturaWealthAdvisory #LiberatedWealth

In the digital age, young investors expect instant, personalized experiences from wealth management firms. Traditional players must adapt by prioritizing personalization, trust, diverse offerings, and autonomy. Success hinges on embracing digital technologies and fostering a client-centric culture. Explore our latest research to learn how #wealthmanangement firms can bridge the #clientexperience gap - https://lnkd.in/eBQcQQMM #capgemini Elias Ghanem Chandramouli Venkatesan

In the rapidly evolving financial sector, Axtella understands what it takes to add top advisor talent. As Robert Engle, MBA, our Chief Revenue Officer, highlights in the WealthManagement.com 2024 Market Outlook: "Effective advisor recruitment has remained an important focus for firms, with a heightened need to attract talented advisors who can support overall firm growth. The headwinds for firms are immense but not insurmountable if you have a comprehensive understanding of what’s changed and where new expectations lie." Read Rob’s full article here: https://lnkd.in/gqHiTPn6 #financialservices #recruitment

😤 Are you frustrated with the growth of your Digital Wealth Management solutions? It's time to reassess your strategy! Digital Wealth Management is undeniably still in its infancy, presenting challenges in crafting the perfect approach. However, there are fundamental principles you can adhere to that significantly enhance your chances of growing customers and Assets Under Management (AUM) profitably. Drawing from my extensive experience in the field, I've identified some key principles: 1️⃣ Clarify Your Target Customer: Don't fall into the trap of assuming that targeting new investors with low balances is the most cost-effective approach. Instead, prioritise value over cost to ensure success. 2️⃣ Understand the Problem and the impact of the Solution: While many firms have adopted design thinking methodologies like the Jobs To Be Done (JTBD) framework, the focus often remains narrow. It's crucial to develop solutions that not only address immediate needs but also pave the way for long-term financial progress. By establishing a comprehensive plan, a series of steps clearly layed out for the customer, you can foster lasting relationships with customers beyond simple transactions. 3️⃣ Focus Your Efforts: Resist the temptation to pursue every opportunity at once. Success lies in laser-focused execution, particularly in the upper funnel where the proposition is paramount. Prioritise either cross-selling, upselling, or new customer acquisition initiatives strategically to maximise outcomes. 4️⃣ Ensure Sustainable Commercial Model: In both Digital and Traditional Wealth Management, longevity is key. Shift your perspective from short-term gains to long-term value creation. Aim for a Total Lifetime Value (TLV) that exceeds Total Lifetime Service Costs (TLSC) by at least 3-5 times your Customer Acquisition Cost (CAC). While achieving this ratio may not happen overnight, it should guide your vision and strategy, moving away from only using metrics like new customer accounts or AUM. 📩 Ready to elevate your Digital Wealth Management strategy? Reach out via DM to discuss your plans further. We can share our experiences so you can drive your business toward strong and sustainable growth! #DigitalWealthManagement #FinancialServices #CEO #Leadership #Strategy #WealthManagement #BusinessGrowth

I work with many individuals in the financial services environment and see what's new. Because of the Great Wealth Transfer, teaming up of advisors is a huge trend, and for good reason. (Plus, if you're a wholesaler, knowing why FAs team up and where they are challenged can help you gain insight in supporting their business goals.) Check out McKinsey's awesome study (a revisit to an earlier study) on Teaming.

Embracing the Digital Wave in Wealth Management The digital revolution is reshaping client expectations, especially among Gen Z. As digital natives, they crave personalized, seamless, and tech-driven experiences. Wealth management firms must adapt to this new client-centric playbook, offering self-service capabilities, diverse investments, and personalized advice. Today's competition is defined by personalization, availability, trust, diverse offerings, and autonomy. Navigating this digital landscape demands a strategy that prioritizes clients and harnesses the power of digital technologies. Let's ride the wave together! 🌊 Learn more 👇 #Capgemini #GENZ

Embracing the Digital Wave in Wealth Management The digital revolution is reshaping client expectations, especially among Gen Z. As digital natives, they crave personalized, seamless, and tech-driven experiences. Wealth management firms must adapt to this new client-centric playbook, offering self-service capabilities, diverse investments, and personalized advice. Today's competition is defined by personalization, availability, trust, diverse offerings, and autonomy. Navigating this digital landscape demands a strategy that prioritizes clients and harnesses the power of digital technologies. Let's ride the wave together! 🌊 Learn more 👇 #Capgemini #GENZ

Embracing the Digital Wave in Wealth Management The digital revolution is reshaping client expectations, especially among Gen Z. As digital natives, they crave personalized, seamless, and tech-driven experiences. Wealth management firms must adapt to this new client-centric playbook, offering self-service capabilities, diverse investments, and personalized advice. Today's competition is defined by personalization, availability, trust, diverse offerings, and autonomy. Navigating this digital landscape demands a strategy that prioritizes clients and harnesses the power of digital technologies. Let's ride the wave together! 🌊 Learn more 👇 #Capgemini #GENZ

Embracing the Digital Wave in Wealth Management The digital revolution is reshaping client expectations, especially among Gen Z. As digital natives, they crave personalized, seamless, and tech-driven experiences. Wealth management firms must adapt to this new client-centric playbook, offering self-service capabilities, diverse investments, and personalized advice. Today's competition is defined by personalization, availability, trust, diverse offerings, and autonomy. Navigating this digital landscape demands a strategy that prioritizes clients and harnesses the power of digital technologies. Let's ride the wave together! 🌊 Learn more 👇 #Capgemini #GENZ