As competition remains high in the wealth management industry, so does the need for growth. While many companies focus on expansion strategies, there is one area they may be overlooking: Onboarding. Historically referred to as New Account Opening (NAO), this area has traditionally been siloed from the rest of the organization. It often requires repetitive data entry and endless paperwork that add little value to the customer—or an agent’s—career.
Today, leading insurers are beginning to view onboarding as a strategic rather than a tactical part of the client relationship. Approached correctly, agents can use this phase to better understand their clients, discover their unique goals and begin a consultative conversation that should continue throughout the client-agent relationship. Join me next week when I’ll explore how this approach aligns with the changing needs of customers, agents and the organization.