The key to wealth management success: A smarter type of growth

By Paul Bebber
6 June 2016

What does success look like for you?

We all want to be successful. But for today’s wealth managers, it is no longer simply a question of growing assets.

For us, success is about smart growth. Sounds good. But what do we mean by that?

It is about building a stronger, more agile business. It is about improving scalability, minimising costs and enhancing profitability. It is about continuing to deliver the sorts of high-quality services that will foster client loyalty, helping you attract new prospects and satisfy customers’ evolving needs. It is about making growth sustainable.

And it is the only realistic, long-term game.

M&A can provide some immediate wins and it can help firms enter new markets or expand existing market share. It can also increase your client base and bring in new revenues.

But unless you remain relevant in an ever-changing world, unless you can keep providing clients with the services they want, and keep managing down those cost/income ratios, success will not be sustained.

Pretty obvious stuff. But not so easy to achieve.

It all comes down to …

The key determinant of success, we believe, comes down to one word: infrastructure.

Of course, you need great people, top quality portfolio managers, relationship managers, sales teams, operations staff, executives. The thing is, they can’t do it alone. They need to be equipped with sophisticated tools if they are to do the best job possible.

How are business development and sales teams supposed to develop and deliver industry-leading products and services without clear, comprehensive profiles of who your prospects and customers are, and what they truly want?

How can portfolio managers optimise returns without the ability to access diverse markets, assess and manage risks, or track and understand the sources of performance?

How can relationship managers satisfy clients’ service expectations unless they can interact and communicate with customers at the time and via the channels that best suit them?

Be smart

There’s no escaping it. Wealth management is an increasingly technology-focused industry. Staff need it, and clients expect it. For those who embrace the change, opportunities exponential.

In this blog series, we will highlight the key capabilities wealth managers need today to achieve smarter, more sustainable growth. If you have any questions, or want more information we’d love to hear from you, so please don’t hesitate to get in touch.