The front office is by far the greatest expense for wealth management firms and so it is vital for overall performance that it is running in an efficient and cost-effective manner.
To achieve this goal and to answer many questions relating to planning for the future, Compeer and Objectway hosted six workshops to understand the key issues wealth management firms are currently facing and where improvements are required, shaping the firm of 2025.
The first workshop, focused on boosting front office productivity, brought out thatin the next 5 years some changes to the typical day for a Front Office Professional (FOP) are expected.
The approach from an individual FOP will very much depend on their average client size and the number of clients that they are managing in total.
The majority of the day will be spent on building relationships, which should help with raising referral rates.
Many firms expect also to move to a central investment proposition, having a typical Private Banking set-up with client facing Relationship Managers and Financial Planners. In the background will be Investment Managers running the underlying investments and a team of support staff/assistants that will complete all administrative tasks.
Engaging via digital
By 2025, when pitching to a client, it is expected that more FOPs will be using a tablet of some kind, rather than a printed pack that many currently use, and there will be an efficiency requirement that a client’s portfolio can be pulled up at any time.
Once the client has been convinced, the onboarding process begins: the key is to make it as easy and pain-free for the client, which in due course can lead to more referrals.
Face to face meetings will continue to take part in the service, however the frequency of these types of meetings will be less, in favour of virtual meetings.
Bringing financial planning to the forefront
Moreover, the resounding view was that by 2025, the core service will shift to financial planning. Discretionary portfolio management will remain very important, but many are looking to bring financial planning services in-house.
These and other interesting considerations have emerged during these profitable meetings, read the full report and discover all the lessons learnt and the actions suggested.
The next post will concern the maximisation of brand awareness and prospects acquisition, #staytuned!