Wealth management is at a turning point (as it always is after all). A recent roundtable discussion, hosted by Compeer and Objectway, brought together senior executives from UK wealth management firms to share insights and explore how the industry can improve the client experience. Two key themes emerged: high-net-worth investors are more engaged than ever, demanding frequent interactions with their advisors and seamless digital experiences; however, firms are struggling to harness technology effectively. But with the right strategies, there’s a clear path forward.

The Growing Demand for Engagement

The trend seems undeniable – clients want more frequent interactions. Nearly two-thirds of high-net-worth investors engage with their advisors at least quarterly, and half of them want monthly check-ins. Even more striking, 54% of those who engage regularly believe communication frequency needs to improve significantly, with many considering switching firms if their expectations aren’t met.

Younger investors and smaller portfolio holders are leading the charge, frequently checking their investments online. Family offices are also increasingly instructing teams to monitor portfolios digitally. This shift signals a fundamental change in how wealth management firms must engage with clients, combining digital convenience with personalised service.

Technology: A Double-Edged Sword

The discussion at the roundtable quickly turned to technology. The consensus? While technology has enormous potential to improve client experiences, many firms aren’t using it effectively. Data is fragmented, AI solutions struggle without structured information, and CRM inefficiencies create bottlenecks. Without proper data management, even the most advanced digital tools fall short. To address these challenges, firms are strongly focusing on three areas:

Measuring and Improving Client Experience

The reality is, gathering meaningful feedback is difficult. Surveys are conducted periodically, but responses often focus on fees and portfolio performance rather than broader service quality. To combat this, some firms are turning to AI-driven analytics and more interactive digital surveys.

A key insight from the discussion was that clients prefer fewer, more impactful updates rather than constant small changes. Thoughtfully planned platform enhancements – communicated in advance – make a greater impact than frequent minor tweaks. Introducing client panels to gather ongoing feedback and ensure digital offerings align with investor needs emerges as a common practice as well.

The Path Forward

The message from the roundtable was clear: wealth management firms need to embrace a hybrid approach—leveraging technology while maintaining the personal relationships that define the industry. Key priorities moving forward include investing in data management to unlock the full potential of AI and digital tools, enhancing client portals to provide seamless, intuitive experiences, balancing digital transformation with personalised client service and implementing structured feedback mechanisms to drive meaningful improvements.

Will this ensure the greatest client experience? Certainly not. However, it’s crucial to recognise that client experience isn’t a fixed metric – it’s a moving target. Wealth management firms must remain agile, adapting their strategies to stay ahead of client expectations. By continuously refining their approach and investing in both technology and personal service, they can build long-term trust and satisfaction. As high-net-worth clients become more discerning and technologically savvy, firms that prioritise seamless, personalized experiences will not just meet but exceed their clients’ evolving needs. In a rapidly changing landscape, those who innovate and adapt quickly will be the ones that not only survive but thrive!

Innovazione attraverso l’interazione

Il momento del confronto tra cliente e advisor, in questo contesto più complesso, diventa particolarmente delicato. Non sempre le informazioni preparate in anticipo sono sufficienti per gestire la discussione in tempo reale. È qui che la tecnologia può fare la differenza, abilitando interazioni dinamiche e immediate tra l’advisor e la piattaforma, rendendo possibile la valutazione di nuovi scenari e what-if durante l’incontro.

Immaginiamo un futuro prossimo in cui l’advisor non dovrà più muoversi tra moduli e funzioni, ma potrà dialogare direttamente con la piattaforma, magari attraverso assistenti vocali o interfacce AI. L’advisor potrebbe chiedere in tempo reale alla piattaforma di considerare un nuovo scenario, e ottenere immediatamente un’analisi che risponda alle esigenze del cliente. Questo approccio, già anticipato dagli assistenti vocali che utilizziamo nella nostra quotidianità, sarà un vero e proprio driver di innovazione.

La direzione del mercato è chiara: una tecnologia sempre più intuitiva e dialogante, che non solo ottimizzi i processi ma che sappia abilitare un’interazione ricca e personalizzata tra advisor e cliente.