A recent blogpost by MyDocSafe has detailed how the onboarding process within wealth management is impacting the client experience through its complexity.
The e-sign and document security software provider underlined that wealth management is an area where trust, transparency, and efficiency of process are of ‘paramount importance’. Alongside this, the need to handle a combination of accounts comes the requirement for top level security and professionalism.
Adding other variables including the level of direct access and control a client wishes to retain over their investments and anti-money laundering and know-your-customer compliance requirements, MyDocSafe remarked that it was ‘easy to see how workflows can become unwieldy’. The digital transformation, the firm added, has led to a permanent shift in client expectations when it comes to wealth management.
So, what are some of the challenges for onboarding wealth management clients? According to MyDocSafe, at the root of the challenges is complexity, “Onboarding processes within wealth management are complex. With business partners and family members to consider, as well as government forms, trading permissions and consents that need to be shared with previous advisors or bankers, there are a lot of components and dependencies that need to come together, in order for progress to be made.”
This complexity, as is common in many cases of complex processes, can lead to irritation with the end customer. MyDocSafe noted that there is often a need to balance a complicated approval process across a chain of several different stages, with multiple security checks and stages of data collection. This complexity, the firm mentioned, can lead to client frustration.
There has also been a shift in client expectations since the onset of the pandemic, MyDocSafe remarked. Prior to the pandemic, advisers were able to meet with clients face-to-face unrestricted, asking questions and handling data input themselves. With this process being handled remotely for the most part for most of the last year, clients are now expecting to receive access to an online portal where most known details have already been pre-filled.
The company concluded, “A poor onboarding process can erode client trust levels, especially if the procedure feels amateurish, for example, leveraging several separate pieces of unfamiliar software in a clumsy, DIY workflow. Couple all of this with a need for speed (pressing financial matters may be time-sensitive) and it’s easy to see why a streamlined, well-considered onboarding process is an essential component of the client experience.”
Read a full case study of MyDocSafe’s solution here.
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