Amid a massive generational transfer of wealth and the continued rise in the adoption of wealth technologies, RIA firms have a real opportunity to deploy information technology in meaningful ways that will help them acquire ideal clients, retain clients more efficiently, and importantly, extend their value proposition to clients and family members.
In Franklin Templeton’s recent survey through collaboration with Institutional Investor’s Custom Research Lab, more than 150 RIAs provided rich insight that supports and highlights enthusiasm for the adoption of new wealth technology among investment advisors.
The four statistics below summarize and represent major findings published within the report which are very telling of where the future state of modern wealth management is headed. Below each of the statistical findings, we’ve provided context and information regarding how and where FutureVault fits into the overall technology value proposition and how our platform supports the growth of the modern firm and advisory practice.
FINDING #1
89% of RIAs agree that a high-quality digital client experience is an important competitive differentiator.
This one hits home and for good reason. Here at FutureVault, we’re paving the way for what we strongly believe to be a significant component of the overall client value proposition and the future of digital client experiences; Personal Life Management.
The Personal Life Management Vault™ provides firms and advisors with a massive competitive advantage by enhancing the advisor-client relationship and delivering an elevated digital client experience that builds trust and loyalty. Personal Life Management Vaults provide an efficient way to retain clients and create stickiness across households by providing value that extends well beyond the confines of a typical advisor-client relationship and across generations.
It all starts and ends with clients. The firms and advisors that can provide value and client-centric service to clients and their family members will reap the benefits for generations to come.
FINDING #2
79% of RIAs agree that their firm’s digital infrastructure is increasingly important in hiring and retaining first-rate professional talent.
We continue to witness first-hand how the implementation of best-in-class technology is an increasingly effective way for institutions and firms to attract and retain top talent.
FutureVault’s modern, client-centric, open API platform provides firms (and advisors) with a digital infrastructure that ultimately results in capacity and efficiency gains in their practice and significant value being added to clients’ personal lives. Ultimately, what we’re seeing is that when advisors are equipped with the right technology and tools to support their workflow and ability to scale, it gives them a good reason to stick around.
FINDING #3
71% of RIAs plan to make a moderate or aggressive investment in client onboarding and account holdings data management technology over the next two years.
Onboarding new clients is an enormous undertaking and represents one of the first opportunities for firms and advisors to demonstrate and provide value to their clients.
This is precisely why creating a seamlessly integrated onboarding process that reduces friction for your clients, that automates the delivery of key information, and that provides access to any critical documentation is table stakes. Good onboarding is all about making it as easy as possible for your clients to do business and continue doing business with your firm.
Our custom checklist workflows, integrated experiences with onboarding and KYC solutions like Mako, and seamless e-signature workflows (such as our DocuSign integration) provide a smooth, efficient, and enjoyable onboarding experience that results in a win-win-win for all stakeholders involved.
FINDING #4
85% of RIAs see a critical or moderate need for technology to improve day-to-day client service activities and communication.
Our purpose-built document exchange and digital vault solutions equip the modern advisor to ditch insecure and inefficient methods that include sending, sharing, and receiving documents in the onslaught of back-and-forth email threads. Not only does this include eliminating the back-and-forth interactions with clients, but also with trusted advisors and third-party planning professionals, where this type of activity can now be centralized within the client’s Personal Life Management Vault™ as a way of streamlining the document workflow with such third parties in a secure and compliant location.
Integrations and automation further streamline productivity by automatically carrying out critical document distribution tasks that often take place manually.
Our advanced features and integrated functionality eliminate any concerns over the flaws and inefficiencies with traditional document management so that more of the advisor’s professional time can be spent where it matters most; providing value to clients.
