In a dynamic meeting of minds, Compeer and Objectway recently convened with senior executives representing various firms (with various levels of AUM) to delve into the ever-evolving landscape of client expectations within the UK wealth management industry. While a comprehensive report detailing these insights is forthcoming, let’s take a moment to reflect on some of the key themes that emerged from the discussion.

Technology Integration: A Fundamental Shift

Firms are increasingly recognising the imperative to integrate cutting-edge technologies into their digital offerings, spanning client portals, mobile applications, client reporting, and onboarding processes. While fundamental features such as reporting and secure messaging have been successfully incorporated, there’s a palpable desire for further innovation. Functions like video calls have notably elevated client-facing technologies, resulting in an enhanced overall client experience. However, this progress also presents a challenge: with many firms having mastered the basics, there’s a growing emphasis on differentiation.

The human touch amidst digital advancements: striking a balance

Despite the surge in digital capabilities, there remains a profound appreciation for human interactions. While digital platforms excel in handling mundane tasks, thereby enhancing automation, clients still value interaction with financial professionals for more complex financial matters and tasks – i.e. reviewing investments, getting financial advice or any sort of financial planning. This underscores the importance of offering a seamless transition between digital convenience and human expertise. Objectway’s modular service, designed for a hybrid working model, epitomises this blend of technology and personalisation, ensuring maximum client engagement while keeping the client experience at the forefront.

As the basic offerings among wealth management firms converge, the onboarding experience emerges as a crucial differentiator. Firms must expand their range of investment products while crafting a unique client experience that seamlessly integrates the human touch with efficient digital interfaces. By leveraging technological investments to streamline front-office operations, firms can alleviate the administrative burden on staff, allowing them to devote more time to client engagement, thereby gaining a competitive edge.