Why do you need to capitalise on your current HNW clients?
It takes a long time to start a relationship. It is therefore essential to make sure to keep your customers satisfied in order to retain them. The objective is to make the initial time and effort invested profitable on the one hand, and to maximize the “client lifetime value”, i.e. the value of the expected profits of a client (adjusted for inflation), on the other hand.
The success of the client relationship is of course based on the results you deliver. Nevertheless, the global experience you provide your clients can transform them into ambassadors of your company. Hence the central place of this question in the development of your wealth management activity : how to make your HNW clients happy?
At KeeSystem, our regular exchanges with independent asset managers help us provide them with the tools they need to make their HNW clients happy. Delighted customers make our own clients content. Find out how.
What do your high net worth clients (really) want?
Your clients have both expressed and unspoken needs. In addition to providing them with a functional service – the management and valorisation of their portfolios and financial assets – it is necessary to satisfy many other needs that are often not included in the technical specifications.
Building a trusted relationship
Using an asset management company requires to trust a person or team in charge of managing your personal wealth. The risk associated with this delegation naturally generates mistrust – or at least a strong need for reassurance. Every prospect and every client must be reassured. To establish this climate of trust, it is essential to communicate the right information, especially on risk, which is the main source of stress for your clients. With KeeSense, every action and investment decision is controlled to respect your client’s risk tolerance. The portfolio manager can easily justify the chosen investments and provide elements of security for the client.
Involving your clients
Entrusting assets to an independent manager is a rational decision: by using a financial management expert, your client has access to strategies, products, advice and expertise that they do not have themselves. However, this feeling of “dependence” – even if only a part of one’s assets is confided to you – can be stressful, even frustrating. Being transparent and involving your clients is a way to restore a sense of balance. Millennials are particularly in demand to be actors in their investment strategy. With KeeSense, your customers receive detailed, visual and understandable reports at the frequency they want. These reports are generated and sent automatically, with no intervention required from the relationship manager. Each client can monitor the evolution of his portfolio at any frequency requested.
Offering a tailor-made, unique experience
By contracting with a wealth management company, your clients are looking for a more personalized relationship, perhaps more intimate, than with a private bank. To create this hyper customised universe, a “boutique” spirit, you need to communicate the right messages at the right time. You have access to a large amount of information about your clients as part of your KYC analysis, which can be used in a non-financial context. For instance, remembering an important date, celebrating a birthday, proposing solutions that are consistent with personal and family life stages all contribute to creating a long-term relationship. With KeeSense Relation Management Suite, you have a dashboard that allows you to track and be reminded of important events affecting your customers. You no longer miss opportunities to show the value of your work, your advice and quite simply your relationship.
Simplifying your clients’ life
Your clients operate in an information-saturated world, they are overstretched and have to manage a multitude of responsibilities in their personal, social and professional lives. Becoming the partner that simplifies their lives can position you far above your competitors. This is a very strong emotional benefit for your customers. How can we simplify their lives? One example is reducing their waiting time to access information. MyKeeApp by KeeSystem allows your clients to connect directly to their account and view their assets and progress on a single screen. They do it whenever they want, wherever they want. Saving time, reactivity, simplicity, such benefits are highly valued.
A broader experience than just financial performance
The need for meaningfulness is part of the less expressed but very powerful needs for some of your HNW clients – which are growing in number. Financial performance is always sought, but it must be accompanied by societal, environmental and ethical performance… this is the reason why the demand for high-impact investing strategies is soaring. With KeeSense, portfolio managers can set non-financial objectives to monitor and evaluate the overall performance of impact investing strategies, thus meeting your clients’ needs.
