At NexJ, we talk to a lot of wealth management and private banking firms in our day-to-day business. Whether we’re hearing from an existing customer or a prospect, there’s one common priority across them all: attracting and retaining the industry’s top talent. This is more important now than ever before, as advisors are retiring faster than new advisors are coming onboard. Firms need to create an ecosystem that appeals to both high performing, seasoned wealth managers and the most promising Gen Y advisors.
There are lots of benefits to bringing the industry’s best talent onboard and every single one of them contributes to the firm’s ultimate goal … increasing assets under management now and well into the future:
- Deeper client relationships – Top advisors have a proven ability to build a strong book of business with an excellent share of customer wallet
- A steady stream of new clients – Bring high performers onboard and their clients will follow
- A solid foundation of assets under management – The flip side of the point above. Keep your advisors happy and settled, and their clients will stay too
- A better performing team – What better way to boost performance across the board than by modeling the best practices of top tier advisors and rolling them out to the whole team?
So what’s the key to attracting and retaining the industry’s best and brightest? Make their jobs easier. Give them industry-leading technology designed for wealth management and private banking – software that saves them time, increases their productivity, and simplifies sales and service activities.
I’m talking about an integrated advisor desktop that delivers a comprehensive view of the customer coupled with all the functionality advisors need to quickly and easily serve their books of business. With an integrated desktop, customer information that advisors would typically access by logging into multiple applications is brought together into a single, customer-centric view. By the same token, sales and service functionality normally accessed through multiple applications (CRM, portfolio management, financial planning, etc.) is all available in the same, seamless application. And just like that, the advisor has all the profile, portfolio, interaction, and transaction information; contextual third-party information such as market data and news; and functionality she needs at her fingertips to deliver efficient, superior service.
At NexJ, we call this creating “net receivers of information”. A net receiver of information gets exponentially more out of the system than she puts into it. Time previously spent rekeying data and aggregating information in spreadsheets can now be spent deepening client relationships and growing assets under management. And that’s how you make top tier advisors happy.