Transforming the onboarding experience requires six key capabilities, which I discussed last week. To get started, wealth management organizations should evaluate each capability more closely using the following questions:
- Vision: Based on the key priorities for your organization, what aspects of client onboarding should your company strengthen?
- Current State: Rate your company on each capability (basic, enhanced, leading). Identify the gaps between where your company is today and where you want it to be in the near future.
- Prioritizing Investments: Based on the areas your company has identified for onboarding, which of those areas will generate the highest return?
Changing a key function from tactical to strategic requires a shift at the foundational level. Those companies which choose to invest in transforming the onboarding function are likely to see larger returns in increased sales, customer loyalty and agent effectiveness.