Surveys
Client Centricity A Key Goal Among Wealth Managers, Says SEI Poll

A new SEI survey has revealed that wealth managers are seeing client centricity as a key element to improved service.
In the quick poll released this week, 61 per cent of the 110 wealth managers surveyed said their organizations are either actively involved in client centricity programs or have plans to launch such initiatives over the next year. In fact, just one per cent said they are satisfied with their current client centricity applications.
On defining client centricity, 35 per cent agreed the term refers to meeting clients' goals and financial needs by empathizing with them, while 26 per cent said it related to providing technical solutions. Client centricity has been a key issue for wealth managers over the last year, with 25 per cent saying they have been building multi-disciplined sales and relationship management teams as a strategy, 23 per cent implementing organizational changes, and 19 per cent initiating firm-wide integration of client relationship information.
When asked about the most important factor related to empathy, 46 per cent of the respondents said it entailed enhanced relationship management skills, while 45 per cent said it meant improved communications.
The survey also highlighted the trend towards technology in the poll, with 54 per cent saying communication entailed enhancements to company websites and 27 per cent noting the importance of utilizing mobile applications.
"After years of decreased consumer confidence, wealth management providers are taking important steps toward establishing true client-centric practices. By launching long-term strategies revolved around holistic, customized models, wealth managers can re-establish the loyalty so critical to their business model," said Jim Morris, the senior vice president for SEI's global wealth services.
The survey was conducted at the recent SEI Connections Conference at the firm's Oaks campus.