Making Client Onboarding Better for Private Client Advisors

Making Client Onboarding Better for Private Client Advisors

Client onboarding is less about managing wealth and more about building relationships.

With the advances in technology, many clients take care of their financial needs with a click of a button on their phones. Streamlined digital transactions have made banking, investing, and building wealth something almost anyone can do.

That doesn’t mean private client advisors will become a thing of the past because clients can open their own accounts and transfer assets. Private client advisors are needed more than ever because they offer something that tech access alone cannot. Algorithms collect data for analysis, but advisors make connections and build relationships.

They onboard clients.

Wealth Management states, “Onboarding is fundamentally about relationship development. Building trust and confidence, not only between the client and the advisor but between the client and the entire firm. A great onboarding process establishes key relationship parameters, explains risk, and, most importantly, facilitates a continual dialogue.”

The benefits of client onboarding

Of course, clients can manage their own accounts, but not as well as the private client advisor. The difference lies in the advisor’s knowledge, skill, and experience. Often, advisors integrate complex apps to seamlessly collect, analyze, and evaluate asset growth.

Therefore, a private client advisor must be an expert in multiple areas, such as:

  • Compliance requirements
  • National and global market trends
  • Various types of acquisitions
  • Tax law

Private client advisors can adopt automation software that benefits the client and the advisor by improving cost-to-income ratios and forecasting new opportunities while protecting assets from cyber threats. Because no one advisor will be an expert in everything, firms should also encourage advisors to collaborate based on areas of expertise.

Automation can save time and improve security so clients and advisor teams can focus on building trust by communicating regularly.

Why private client advisors onboard clients

Client onboarding is a comprehensive process that requires private wealth advisors to get to know the client’s unique investment needs and tolerances for risk as they map out a financial strategy.

When a client uses a firm’s app for managing wealth, the benefits are multi-faceted – for both parties. The clients gain access to seamless banking and investments, and they also receive just-in-time reports that can improve their decision-making.

In return, your firm collects a wealth of data regarding your clients’ habits, including:

  • login dates and times,
  • views per page, and
  • numbers and types of transactions.

This data positions the private client advisors to meet clients where they are: making nimble financial transactions and investment decisions. Advisors are more likely to retain their clients over more extended periods by reaching out regularly to clients during the onboarding process.

These advisors no longer work in isolation. Often, the advisors team up to support the needs of their clients.

Wealth management firms that recruit private client advisor candidates with exceptional communication skills will be in a better position to attract and retain advisors and their clients.

Your recruiter can help you find an advisor candidate with outstanding communication and trust-building skills.