The firms interviewed by Objectway and Compeer in the report “Wealth Management Firm of 2025”, are expecting significant changes in terms of Sales and Marketing by 2025.
Now less than 5% of revenue is spent on marketing, which places wealth management industry far behind the benchmark set by other luxury goods suppliers.

Use of advertising and marketing

It is therefore no surprise that brand awareness is very low, and that the industry does very little in terms of advertising.
The marketing that currently takes places consists of specific adverts in regional lifestyle magazines, wealth management news feeds and running a series of events and campaigns.
There is generally also very little done in terms of social media.
A focal point of a wealth management firm’s brand should be their website and other web presence. That means they should commit a large amount of resources to ensure high-quality content and videos.

Client interaction and data collection

When considering the collection of data on prospects, firms admitted that tracking website data is currently very basic and limited.
Some firms have been known to provide incentive schemes for client referrals and, for those that have a CRM system, they should keep track of the best source of referrals.
It is encouraging to see that most firms now have some form of CRM system in place, although in some cases it has only recently been purchased and so is yet to be fully integrated. In an ideal world, when the CRM system will be fully functional, the firms would be keen for it to be accessible in a secure manner from wherever the wealth manager is based, and so not being restricted to their desktops at the office.

The Wealth Management Firm of 2025

So, how the firm of the future should be?
Definitely it should be far more digital, with a wider range of online interactions. This should allow for a more scalable set-up, provided more automation can be achieved.
Moreover, there should be more access to mobile apps, allowing clients to access more information at greater speed. Everything should be seamlessly integrated with clean data, cost-effective to analyse.
Read the full report to discover all the actions suggested and stay tuned for the next article!