A recent blogpost by MyDocSafe has examined how wealth managers can maintain a relationship of trust with their clients in an age where in-person meetings are becoming rare.
The e-sign and document security software provider underlined that trust is arguably the ‘most crucial element in any client relationship’, bur when finances are on the line, ‘absolute faith’ is required.
Prior to the pandemic, in-person meetings were undoubtedly the norm for communication between wealth managers and clients. This can be easily linked to the need for a client to connect with their manager and ensure they feel a dependable level of security with their wealth manager.
With the coming of Covid-19, this turned this dependable form of relationship building on its head – with both parties forced to look for new ways to stabilise relationships.
MyDocSafe highlighted four ways that wealth managers could maintain a solid relationship with their clients through methods that go beyond in-person connections
The first way is to demonstrate respect for clients’ time and input. The company detailed in the blogpost that as wealth managers strive to make the financial life of their clients easier, more efficient and successful, the manager-client interaction should be seamless, and communication should flow easily, and procedures should be optimised for a friction-free experience.
For wealth managers to gain the trust of their clients, MyDocSafe recommended showing clients an awareness of what they’re asking of them. How much of their time will their checks, workflows and processes take up? What steps are being taken to reduce? Asking these questions and acknowledging the time and effort of clients shows respect – the foundational aspect of any relationship. The firm stated wealth managers should build a ‘superior client experience’ by establishing optimum efficiency through well-built workflows.
The second key pillar is to provide a secure and seamless front-of-house experience. The firm remarked that interactions with the various interfaces required to do business with a wealth managers’ clients should be seamless and intuitive.
MyDocSafe said, “Clients haven’t bought into the services of wealth manager in order to chase information or documentation. Finances move fast, and often, quick responses, answers and actions are necessary. With this in mind, a secure “single source of truth” – where clients can easily locate their files and access a wide range of functionality – is essential.”
The company added that with so much personal and sensitive information at stake, the need for a dependable, high-security platform can offer better information governance and is able to establish a greater sense of security and trust.
The need to provide total transparency is also vital for the manager-client relationship, and was underlined as the third key way.
MyDocSafe stated, “When finances are at stake, 360 degree transparency is essential. To feel fully secure with your services, your clients need to know they can access documentation at any point, quickly and without having to wait for your response. Don’t risk unsettling gaps in communication or lags in your response, and demonstrate your complete confidence in the service you provide by allowing “access all areas” wherever possible.” This is where client portals have an important role to play, the company added.
The final pillar stated by MyDocSafe was clear channels of communication. According to the firm, easy access to documentation is important, however, sometimes clients will need a clear and official answer from wealth managers. Therefore, it is crucial to have clear channels of communication – with solutions like client portals a key way for wealth managers to manage messaging through one dependable channel.
MyDocSafe continued, “The value and power of face-to-face communication will never be replaced when it comes to establishing client trust within wealth management. But as digital transformation accelerates within the sector, other methods of indirect communication and management offer a great way to maintain good relationships and high levels of trust.”
The full blogpost can be read here.
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