Just as customer needs are changing, agent needs are also evolving. Agents are moving toward a consultative partnership and away from the traditional “prescribe and follow” approach. Armed with better insight into the client, generated from in-depth conversations, seamless data and predictive analytics, the agent is positioned to make recommendations based on a holistic view of the customer. This enables the agent to not only increase sales in the short-term, but to more easily create cross- and up-sell opportunities as the relationship progresses.
Similarly, wealth management firms are also developing different priorities. Progressive organizations strive to generate profits through a two-prong approach:
- A more productive sales force
- A reduction in client service costs
As technology has become more sophisticated, organizations have been able to simplify the onboarding process by tapping into trusted information resources to provide much of the needed data—and then replicating that data across its systems as needed. By decreasing the administrative burden, the agent—and the organization as a whole—is then freed to focus more time on profit-generating activities.