The initial stages of financial planning often receive significant focus in both digital and traditional advisory services. However, once a prospect becomes a client, ongoing engagement tends to diminish. This lack of interaction can leave clients feeling disconnected, resulting in missed opportunities for both the client and the wealth manager.
Kidbrooke, which offers a unified analytics platform for investment and wealth management firms, recently explored how firms can boost their client relationships through real-time notifications.
To achieve this, it pointed to one of its client’s, Swedish insurer Skandia, which is addressing this challenge by leveraging advanced analytics to maintain and strengthen customer relationships. Through proactive notifications, the company builds trust, enhances engagement, and helps clients stay aligned with their financial objectives.
The importance of ongoing client engagement
Clients require regular updates and reassurance to stay confident about their financial plans. Traditionally, this has been facilitated by experienced advisors, but a modern approach relies on omnichannel communication, integrating both digital and physical interactions.
Skandia has extended its financial analytics capabilities to provide ongoing evaluations of clients’ financial situations. Using proactive notifications, the insurer delivers timely updates on portfolio performance, ensuring clients feel informed and in control of their financial futures. For instance, a client planning for retirement might receive regular updates on their pension savings, adjusting for market changes and new contributions. This transforms financial planning into a dynamic and interactive experience.
Personalised alerts for portfolio performance and market changes
A critical aspect of wealth management is ensuring clients’ portfolios remain aligned with their goals. Skandia employs KidbrookeONE’s financial simulation engine to identify when portfolios deviate from recommended strategies. Clients are notified when adjustments are necessary, with actionable suggestions provided through their portal. This approach helps clients optimise their investments and mitigate risks effectively.
Skandia’s proactive notifications also track portfolio risk levels. If a portfolio’s risk profile strays from a client’s tolerance, timely alerts are sent with recommendations to rebalance. These updates ensure that clients remain on track with their financial strategies.
Additionally, the system evaluates Skandia’s product universe, notifying clients about high-performing funds or those no longer available. When a fund is removed, the insurer offers actionable replacement suggestions, making the transition seamless and beneficial.
Consistency across communication channels
As the volume of follow-up communication increases, ensuring consistency across all channels becomes crucial. Whether clients engage through digital platforms or in-person meetings, the information provided must align to maintain trust. KidbrookeONE supports Skandia in achieving this consistency, reinforcing credibility and ensuring clients receive accurate, actionable insights at every touchpoint.
Driving long-term value with proactive engagement
In today’s wealth management landscape, building an effective communication system post-purchase is no longer optional—it is essential. By delivering personalised notifications, portfolio recommendations, risk management alerts, and updates on fund performance, Skandia strengthens relationships with its clients.
Proactive engagement goes beyond retention; it creates meaningful interactions that enhance the client experience, foster trust, and deliver long-term success for both the client and the wealth manager.
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