Let's Talk Dashboards

Expert: Antony Bream, MD, EMEA & Americas, Wealth Dynamix
Facilitator: Stephen Wall, Co-founder - Head of Marketplace & Content, Wealth Mosaic 

The session set out to explore:

• The move to remote working and the need for faster, better access to client data.
• The increased need to store client data on a centralised platform.
• Facilitating a shift from using disparate, niche applications to a consolidated approach as dashboards strive to ‘do it all’.

Key takeaways:

• Dashboards can be used to improve visibility and efficiency at all points in the client process, from initial engagement through onboarding to client management.
• Detailed insights on both potential and existing clients help optimise relationship management opportunities.
• Wealth firms can also see a holistic view of the internal business pipeline and operational performance.

Main features:

• Can reduce onboarding from c.26 days to same day.
• Can improve office productivity by 50%.
• Can increase staff satisfaction by 40%.
• Improved personalisation through shared insights.
• Integration with various incumbent platforms including multiple core banking systems, back office systems, CRMs, portfolio management systems and financial planning tools.
• Reducing manual work and admin enables the adviser/relationship manager to focus more on the client.
• Assessing and understanding prospects; onboarding, including KYC and AML compliance; managing team workflow in a digitised manner; 360° view of client file; allocation and review of daily tasks; client analysis; client servicing through minimal admin, digital, compliant record-keeping; re-engaging through continual review of opportunities for making contact, from talking points to product recommendations; building a persona to creating a tailored solution.

Dashboards can be used across business functions, for example:

Sales and marketing

• Pipeline view of entire client bank: relationship manager can see at a glance who is at which point of the pipeline, who needs more attention, details of latest contact made, build up personal details (e.g. hobbies, interests) to assist with building rapport.
• Top-level view: overview of total client picture (e.g. by age, AUM, client segment, regional, profession etc), including growth areas, trends by region, product type, sector or demographic shifts that can inform targeted marketing efforts (defensive or proactive).
• Detailed client profile: oversight of their goals, risk/return profile, investment horizon and objectives, portfolio breakdown, sentiment towards to the wealth firm/adviser, how their goals stack up vs reality, and what is happening today for this client?
• Is there a meeting scheduled? If not why not?

Onboarding and remediation

• Dashboard pulls in data from a number of different systems to provide an instant view of the status of the potential client.
• What is the status of their suitability review? Has it been scheduled, has it taken place, what are the actions etc?
• What is the status of the client opportunity? Details of the meeting date, estimated value of the client, areas of focus?
• Ensure compliance with KYC, AML requirements.
• Efficient allocation of resources: holistic view of all relationship managers, queue priority /management, see at a glance if anything is overdue, flag any issues, required actions, illustrate the process for others in team/other teams/needs to be escalated.
• Regulators will be keeping a watchful eye because they know that the pandemic has created more opportunity for processes to break.

Follow-up actions

• Dashboards can offer bespoke insights based on conversations and meeting notes, using word clouds to gauge client sentiment, assess interaction with campaigns, review of engagement (duration, type of activity, frequency etc). Able to identify any notable shifts in activity e.g. if meetings and webinars have shifted to emails and letters, does that signal a complaint may be looming?
• Aggregating data from multiple sources and platforms can show real-time total performance overview.
• Machine learning tools can offer bespoke product recommendations based on client risk profile and objectives to address any decline in performance, which can help lift sentiment.
• Enabling proactive, timely and reassuring communication helps deliver value-added service.
• Helicopter view of all the client service team performance allows for better operational insight, more effective resourcing, setting internal KPIs etc.

Highlights from Q&A:

• Dashboards have a powerful role in reducing admin to allow more time to be spent with the client: making adviser seem more in control, client feels reassured, trust is secured.
  • Data, workflow and insights already exist, the difficulty is connecting all the different systems together.
  • Using open APIs simplifies that process (though many systems falsely claim to use open API).
  • Up to firm to then take that information and apply it to their own needs and those of clients.

• Difficult to find a dashboard that delivers an end-to-end solution:
  • Often using them and integrating the different tools causes more work that it takes away.
  • Useful to have the ability to show a client view/screen share function (albeit restricted), especially during lockdown.
  • Need to identify the key goals for the adviser, the client and the business before you can find a dashboard that will work for you.
  • Look at your solution: who is using it? How? What features are they not using and why? This is particularly pertinent during lockdown as staff are based all over the country and may be doubling up through a lack of transparency, which in turn frustrates clients.
  • Online client onboarding and management = significant cost and time saving, significantly improved client experience, significantly higher conversion rate

• Often a cultural shift is needed:
  • A ‘Big Four’ survey indicated that the wealthy choose their wealth manager based on the quality of client service management.
  • No longer good enough to have satisfied clients, wealth firms need to ensure their clients feel an emotional connection. In taking away their headaches and reducing admin, that emotional connection is more likely.
  • Difficult finding a change solution that advisers embrace – helps if they are engaged with the change programme (even at test phase).
  • Dashboard must meet the needs of both small and large national firms.
  • Often not a tech issue, more a legacy tech, culture or process issue.