The phrase "big data" is everywhere. It's a catchphrase adopted by almost every company looking to make their business more efficient. We all keep hearing about how it will revolutionize the world. It will improve operations, deliver better customer service, and increase profits in most industries. In financial services, it's not quite as simple, mainly when you're talking about client data. Sure, core information of entities, client name, address, etc., will help in the marketing and preliminary stages of an engagement, but what happens when you start your whole client discovery process? Big data winds up coming up significantly short.
The problem with big data is that it's a mile wide and an inch deep. It doesn't have the depth or context to help you discover what you need to know about your clients. You can't build a relationship on that, at least not one that will stand up over time. The client onboarding process is based on relationships built on trust, knowledge, and understanding — not just on information gathering. Treating clients as partners in their success rather than just another client number or transaction in the pipeline is crucial to an advisor's success.
Advisors need to be able to dig deeper into their psyches and find out what clients want from life before they can genuinely connect with them on an emotional level. It's not easy work because it takes time away from your core competencies as an advisor and requires developing new skill sets.
Of course, in the first meeting, an advisor should actively listen and identify the client's financial goals and progress towards those goals, what gaps might exist, and ultimately if moving forward is the best course of action for them both parties. Subsequent meetings should be designed to discuss more details of the client's situation and where the advisor may help.
But it doesn't stop there. As the relationship continues, guess what follows - paperwork. This is where the rubber meets the road, and the nitty gritty starts. It also is where things could potentially fall apart.
Having a platform that transforms the client experience of managing paperwork into a pain-free onboarding process that takes minutes, not hours, and is more thorough and accurate than ever before continues building a great client relationship.
Forms Logic's Navigator Platform is preferred by RIAs, Broker/Dealers, Alternative Providers, and other Financial firms. It provides standard or customized workflows for all your firm-specific, product, and custodial forms. The platform is integrated into the top CRMs and connected to all the leading e-signature platforms.
The ability to simplify and automate the process while making the client experience efficient and pleasant is what we do best. Big data is okay, but a smooth onboarding process will ultimately retain, increase and grow client relationships.