Facilitator: Brian Hill, Melo Expert: Eva Adravetz-Kadocsa, Dorsum
Headlines:
- A hybrid onboarding approach, balancing client needs and digitisation, offers flexibility and personalisation
- Resistance to digital tools among some advisers and clients necessitates targeted support and incentives
- Client preferences for onboarding channels often vary, with even younger clients valuing face-to-face interactions for complex decisions
Discussion points:
Investment Onboarding Matrix
A framework that considers both the level of assistance clients require and the degree of digitisation in the onboarding process was presented, advocating for hybrid models to address diverse client needs and preferences.
Industry Experiences with Digital Onboarding
Delegates shared diverse approaches, including fully digital systems for direct business models and hybrid systems for investment management, as well discussing plans to streamline their hybrid model further.
Challenges in Implementation
The group explored barriers such as resistance from older advisers, client preferences for traditional interactions, and external provider issues. Delegates also emphasised the importance of addressing data quality and adhering to regulatory compliance.
Client Preferences and Demographics
Surprisingly, some younger clients prefer face-to-face interactions for complex financial discussions. The pandemic has influenced broader acceptance of digital tools, but client preferences remain diverse, emphasising the need for flexibility.
Behavioural Change and Incentives
Delegates highlighted the importance of incentives in driving adviser and client adoption of digital onboarding tools. Examples included demonstrating how delays in onboarding can directly affect revenue through fees lost.
Future Considerations
The session concluded with discussions on centralising onboarding processes, tracking key performance metrics, and maintaining client satisfaction throughout the onboarding journey.
Key takeaways:
- Explore onboarding models that integrate both digital tools and personal assistance based on client needs
- Provide training and resources to help advisers adopt and utilise new onboarding technologies
- Gradually introduce centralised processes to scale operations effectively
- Monitor metrics like onboarding speed and client satisfaction to refine processes
- Introduce incentives, such as relating account opening efficiency to revenue impact, to encourage adoption of digital tools
