Too many wealth management companies are failing to put the client first, focusing on internal issues rather than customer needs, according to Radical Company.
The business believes too many financial companies are settling for ‘one size fits all’ systems which don’t react to the ever-changing needs of clients. In a world with more connected devices than people, simply offering a desktop product doesn’t reflect the modern professional’s requirements.
To begin the fight back against this issue, Radical Company has partnered with wealth management business EQ Investors to create a portal offering engaging web and mobile experiences to its clients.
John Spiers, chief executive of EQ Investors, says: “Up until now our client-facing portals, which are used to share critical data and communicate with customers, have been out of the box solutions. Although these got the job done, such products simply don’t offer the flexibility and quality user experience professionals have come to expect. We wanted a portal which focused on the needs of the client, rather than simply being functional and this isn’t achievable without a bespoke product.
“In the wealth management sector, there is nothing more important than adding value to our clients and it’s vital this goal is supported throughout the client journey. A portal which offers the high level information clients need in a user friendly and accessible format is therefore key to their success.”
Radical Company founder Ian Wilding says: “It’s fair to say that without their customers, businesses wouldn’t be able to function. This is as true in the wealth management industry as it is for retailers, hoteliers and any other industry you can think of. It’s therefore worrying to see so few companies actually putting their clients first.
“In an industry which relies on adding value to their clients’ services, it’s pivotal wealth management firms invest in quality user experience portals, rather than purchasing out of the box software. Doing so equates to accepting failure – how can a portal which isn’t tailored for the customers go above and beyond their expectations? It can’t. If wealth management firms are serious about supporting their clients’ development and growing their own business simultaneously, the culture of ‘good enough’ systems must be eradicated, and quickly.”
