Wealth Managers’ reliance on their digital channels has grown significantly since the outbreak of COVID-19. Digital channels like Client Portals (i.e. firms’ secure websites), provide a way to service and engage clients. But how effective are they? What tools and services do they offer? Do clients use them?
To find out more, Alpha conducted a piece of research to find out more about the services firms provide “behind the login” and clients’ experiences of them:
Our research found that Client Portals are an essential component of a Wealth Managers client service proposition – not only in attracting but also in retaining clients:
- Nearly 60% of clients login to their portal daily or weekly
- Digital Service ranks in the top 3 reasons for choosing a Wealth Manager
- 1 in 4 clients switched providers to get a better Digital Service
However, most Client Portals surveyed are only at the “foundational” level – giving just enough to meet clients’ basic needs.
To help firms maximize the value of their Client Portals, we have unpacked the 7 key components behind the most successful and compelling digital experiences:
Source: The information presented is based on a combination of the findings from Alpha’s WM Client Portal Survey and the 2021 WM Digital Readiness Survey. To find out more, or to get a copy of the research report please reach out to us.
