Wealth management is about trust. It is about giving an advisor control of your financial health and security and depending upon that advisor to make or recommend decisions that help you meet your financial goals. When we, as CRM vendors, focus on features that give our products an edge, we always focus on how specific features can help advisors build more trust. This is what makes relationship hierarchies so important.

In terms of technology, there are minor differences between relationship hierarchies for corporate and investment banking and wealth management. The big differentiator is the intent. Corporate and investment banks track multiple hierarchies for the same corporations, such as risk relationships versus legal relationships. This allows bankers to get a holistic view of what makes the most business sense for a client. Wealth management needs a single hierarchy because they focus on single households and extended households.

How do relationship hierarchies matter to wealth management?

Wealth management depends upon advisors building trust and making sure their clients have all the information they need to make the right decision to grow their wealth. To do this, advisors need to understand more than their customer; they have to understand the household. CRM for wealth management relies on a relationship hierarchy that gives advisors this single view of the entire household — the financial status of a client, the client’s partner and other family members, their financial health, needs, and implications or events that have or can have an impact on their financial situation.

How does NexJ CRM manage relationship hierarchies?

NexJ CRM offers wealth management advisors client and organization relationships in a hierarchical tree, allowing them to view details of the parent-child relationships in a household, along with relationships between other members. It lists all products or accounts for which the household has full or partial ownership.

Our CRM offers a host of features engineered to enhance the view of a customer, from an advisor’s point of view. There is a flexible householding functionality, for example, to facilitate policy/account aggregation and modeling of complex relationships including referrals, family relationships, and ad-hoc relationships. A client or an account can be flagged as ‘primary’ to drive CRM workflows or broadcast a specific account context over another.

Advisors can also define their own groups using categories and relationship custom fields, which enable them to view all members of a group using the relationship hierarchy. NexJ CRM can automatically populate or update membership in groups based on information from integrated external systems (i.e., back office or marketing systems) and defined business rules.

Details make all the difference

NexJ Interaction Summary provides the ability to roll-up individual client notes to a household grouping level, as well as the ability to maintain notes exclusively at a household level as well. Advisors can instantly view the whole history of their relationship with any selected contact, including scheduled phone calls, meetings, and other interactions since the beginning of the relationship, as well as all documents relevant to the relationship. Our CRM also has extensive experience integrating to third-party systems that are sources of relationship and/or hierarchy data.

To find out more about relationship hierarchies, and why they can empower your wealth management advisors to build trust and offer their clients advice that really works for them, talk to us today.