In this period of uncertainty, it should become a norm for wealth managers to check the feasibility of their developmental strategies. Further actions should also be put in place to ensure that clients have their needs met adequately.
Coming up with alternative courses of action must be part of the firm’s strategy. Just in case things do not bode well with the established procedures of a wealth management firm, there is a need to review the firm’s yearly goals. They are to plan for a decrease in client participation in addition to financial strategies to sustain anticipated drag in customer engagement.
In critical times such as the present crisis, wealth management firms must also take essential measures to ensure the continuity of business operations. A group of crisis managers can be set up to represent every important sector of the business. To fully assess the impact of the pandemic on business operations, customers and staff should be analysed by a crisis group. Strategies to keep the firm in business in the face of a global crisis should be well in place.
Finally, as remote working becomes the only viable option for businesses to operate in this period, clients’ data confidentiality becomes a highly significant issue. Staff should be trained on the best ways to work securely from home to avoid compromising clients’ details online. For instance, access to client data should only be provided as necessary and proper access control system must be established. In addition, virtual interactions with client data should be confined to centralized servers only.
As remote working becomes the only viable option for businesses to operate in this period, clients’ data confidentiality becomes a highly significant issue. Staff should be trained on the best ways to work securely from home to avoid compromising clients’ details online.
Enhance Digital Adoption Or Else…
Given the global practice of social distancing and isolation, wealth managers may not be able to schedule physical meetings with clients and potential customers. They may also find it challenging to find new investors. As such, it becomes crucial that they revisit their online and digital policies.
Digital channels of interaction with investors should be reinforced and integrated into the firm’s key strategies. This is to enable open communication between clients and the firm. Managers who are yet to embrace digital channels to reach out to clients – and potential clients – may get to encounter significant challenges.
It’s inevitable that more organisations will speed up their digital transformation. In this period, wealth management firms cannot afford to be left behind. And as activities related to digitisation start to ramp up, factors related to fraud, cyber security, privacy and data integrity must be top priority.
Besides having online access to minute details of their portfolio, clients should also be able to communicate seamlessly with their relationship managers. They should further be given access to digital tools that allow to issue directives concerning their investments. Video call tools, email, and instant messaging platforms – all in an integrated app or tool – are essential to help clients keep in regular touch with their relationship managers no matter what timezone they might be in.
The impact of the current crisis to wealth and investments cannot be avoided, but with the right strategies, a crisis can turn into huge opportunity.
>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.