Part 2 of 2


What does your customer want?

Despite some of these initiatives, the industry is still not necessarily meeting some core customer needs.



Even those who have £100,000 or more available to invest aren’t always as savvy as wealth managers think they are. Quite often, because they lead busy lives, it takes real world moments of realisation to push them into taking action. This means they often need support and education in taking those decisions.


Prospects are surprisingly opportunistic in their research. Many are influenced by organic search, with as many as 50% of first time wealth manager site visits coming from this source, and even offline investors starting their research online*. What’s striking is that no matter whether they are on or offline, many customers (50%+) don’t have a brand in mind when conducting research. Their initial research is quite open-ended with 65%+ starting their searches with “should I?” terms, or terms like “retirement calculator”. However, prospects are very diligent in their research with 86% spending more than one hour researching online*.


Addressing common questions

Once they have found a potential partner, potential customers have many questions that need to be answered before they’ll commit, including:

  • Financial return – how much does it cost and how much could I stand to make?
  • Trusted assurance – is the company an expert in its field and do they have a clear track record?
  • Social proof – are other customers willing to endorse the company?
  • Emotional affinity – does the brand subscribe to values and standards of behaviour I can relate too?
  • A compelling reason to buy into a brand – does the brand offer a service that’s tailored to my needs?
  • Transparency and ease – is the process clear and straightforward?


It’s also important that supporting content is contextual to the user’s needs. That means relevant messaging is priority. The content on the site and the functionality of the site needs to shift depending on the intent of the prospect and their stage of the relationship with the wealth manager.


How can your digital experience be developed or enhanced?

When digitally acquiring and on-boarding new prospects, we believe there are six ingredients wealth managers need as a minimum to succeed:

  1. Create sophisticated goal planning and forecasting tools: help your prospect visualise their future, show them what it could look like
  2. Design great landing pages: pages must be visible for a range of need-based, rather than only product and brand searches, so the maximum number of prospects can find you
  3. Devise a clear and compelling elevator pitch: landing pages should contain both rational and emotional content to engage  prospects and entice them into starting a conversation with you
  4. Tag and analyse all interactions: it’s essential that you capture all the actions your prospects take on your site, so that you can retarget them if they leave, or recognise them when they come back and give them more relevant, targeted advice
  5. Create interactive self-service portals: these should allow your customers to analyse their funds, portfolios and make comparisons, as well as analyse transaction histories and auto-allocate funds
  6. Provide 24/7 access: your customers want the flexibility to access their portfolio 24/7. Plus, they need flexible online access to a dedicated agent and advisor, so they can get advice from you at anytime of their choosing


ORM's view

The wealth management industry is undergoing rapid, substantial change. The old rules and processes for engaging in and managing a client relationship are under threat as habits shift with the adoption of new technologies and cultural norms. The brands that recognise and respond to this most quickly, whilst maintaining their focus on speedy service and clearly explained subject matter expertise, will be the big winners over the next decade.