We use cookies. You have options. Cookies help us keep the site running smoothly and inform some of our advertising, but if you’d like to make adjustments, you can visit our Cookie Notice page for more information.
We’d like to use cookies on your device. Cookies help us keep the site running smoothly and inform some of our advertising, but how we use them is entirely up to you. Accept our recommended settings or customise them to your wishes.

How Does Your Customer-Centricity Compare to Today's Wealth Management Leaders?

This is the second article within the Marketing Imperatives Series for Insurance & Wealth Management Executives

When discussing customer centricity with Wealth Management organizations, it’s very common to hear things like:

  • Is customer centricity a real thing? Our clients value our products and personal relationships, not some vague concept.
  • We’re so far behind everyone else in understanding our clients’ needs and our ability to take action.
  • We’ve tried lots of marketing and analytic approaches, but they never seem to provide the necessary return on investment.
  • I don’t see how new digital strategies in display, search and social are relevant to my business.
  • Our annual budget doesn’t have money allocated to CRM programs.

First of all: know that you’re not alone. The truth is that most organizations are struggling with too much data, not enough insight, and a history of failed investments in CRM programs and/or technology. There are success stories to be told, but they are often limited to a particular aspect of the client experience; like onboarding, cross-selling, or retention. To achieve meaningful outcomes from a customer-centric strategy, experience with navigating potential strategies and enabling technologies is a definite advantage.

Secondly, the common remarks suggest that everyone is playing the same game—e.g., our industry invests in new products, more advisors, more wholesalers, more of the same—but what will happen when someone changes the game? Imagine the advantage a company can gain when they crack the code for creating a 360-degree view of the client that is actionable across service, sales, and the client’s online life outside of your website. Companies that do achieve it will have a significant head start, and it will be hard for the others to catch up.

Finally, if you believe that customer centricity is an attainable goal—given right plan and the proper funding—can you afford not make investments that will lead to positive and tangible difference in the client experience? Wealth management, more than many industries, is about personal relationships, but your advisors, wholesalers and service agents can’t carry the load all by themselves, even though, in many cases, that is the default strategy. Have you honestly spent the time to think about what the multi-channel use cases are and the value that they can provide? If done right, small improvements in customer acquisition, upsell, and retention result in big numbers that deliver incremental margin and attractive returns.

Download a free electronic version of Merkle’s 2014 Marketing Imperatives today!

Join the Discussion