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Same Tune Different Song: Leveraging Client Connections in Wealth Management

In my third and final post around how financial institutions can use a configurable data management platform to deploy data-driven applications to understand complex relationships and identify new opportunities, I’m turning the spotlight on wealth management.

Wealth managers can also benefit from data-driven applications to build detailed client profiles, model complex client-to-client and advisor relationships. Their focus would be to assess client lifetime value, increase client loyalty, augment share of wallet, and grow assets under management. Such a data-driven application would allow them to:

  • Build flexible client profiles to manage issuers, investors and syndication groups and track product, industry, region, and investment preferences

  • Aggregate and roll up accounts along household and relationship hierarchies to gain insight into client holdings 
  • Model relationships, including complex organizational structures and professional and personal relationships, to gain insight into centers of influence and six degrees of separation
  • Track all client interactions including call reports, phone calls, meetings, emails, voice notes, financial statements, letters of intent, and pitch books
  • Implement client loyalty programs to manage proactive interactions with top tier clients and analyze performance against service level targets
  • Aggregate sales and asset data at the firm, branch, and advisor-level to target future sales, service, and marketing activities
  • Automate activity plans to improve the efficiency of standard business processes such as account openings, know your client (KYC) updates, and client reviews
  • Automate service requests to ensure timely follow ups and instill advisor loyalty

Data-driven applications have the potential to transform how enterprises in all industries can better serve their customers and uncover new opportunities. The examples I cited in my three posts about financial services are examples of the same capabilities being applied to different use cases through simple configuration. @Reltio our belief is that we can apply data-driven applications to solve the most complex and challenging business problems.