Technology

Wealth Managers Lack Tech Tools To Speed Client-Advisor Communication -SEI

Tom Burroughes Group Editor London 8 December 2010

Wealth Managers Lack Tech Tools To Speed Client-Advisor Communication -SEI

A big majority of wealth managers surveyed in a new SEI report lack the technology to help clients communicate quickly and easily with advisors, which is an alarming finding given the high importance of client-advisors links, the US firm said.

The document, called The Information Age, found that 80 per cent of firms surveyed by Scorpio Partnership, the consultancy, said they lack the integrated systems required to achieve effective online reporting without significant human intervention and the associated costs. (Scorpio carried out research among clients and firms for SEI).

"What is clear from these survey results is that private clients have a real appetite for new channels of communication from their wealth managers. It is proving necessary in the current investment environment to establish a communication strategy across different media to enhance client relationships," Joseph Ujobai, executive vice president, SEI Global Wealth Services, said.

The report examines the use of innovative communication strategies in client-advisor relationships. It defines an effective communication strategy as one delivered with clarity, simplicity, focus, and relevance. In a survey by SEI, respondents said they choose wealth advisors in part for the ability to filter the “white noise” of the investment markets. Respondents also highlighted the point that communication must be understood, not just heard, in order to be effective.

More than 88 per cent of clients questioned said it is important to move to communicate through personal and company web portals. Many wealth management firms are shifting reporting processes to web-based platforms in response to this demand.

The latest paper is the result of a series of in-depth interviews carried out in conjunction with Scorpio Partnership, which compares the views of 25 private clients and 25 wealth management firms. The interviews examine clients’ expectations about communications strategies and how wealth managers deliver and incorporate 21st century desires for online reporting into their investment offering.

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