The WEALTHTECH Book

No “One Size Fits All” – Personalized Client Service and Social Selling in Wealth Management

By Frank Bertele

Founder and CEO, NETZ

The Era of Wealth Management /Private Client Disconnect

We have entered an era of increasing disconnect between wealth managers and private clients. A survey¹ shows that the most important element for a private client in a wealth management relationship is a “client-focused service”, or in other words a personalized customer experience (65% of responses). However, today’s wealth managers do not seem up to the task, as the vast majority of clients complain that their adviser is not able to deliver a client-centric experience throughout the relationship cycle and that they feel misunderstood in terms of product and risk preferences.

In a world where digitization and more competition is constantly increasing the competitive pressure, and time spent on regulation and administration is eating up time spent with clients, wealth managers need to adopt quickly. The flaws within the private banking industry have been exposed and can no longer be masked by strong investment returns.

Starting a New Approach

At first glance, you are probably wondering how it’s possible to become more client-centric with less time available for clients. The historically prevailing mindset of “more time spent with clients = more revenues” fails to deliver. Today the equation is “the right amount of time spent with the right client providing the right advice = higher revenues ...