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05 October 2023

Adapting to Change | The Future of Financial Advice

The financial landscape is in a state of rapid transformation, with shifting client expectations and new contenders entering the field. Clients are no longer silent spectators. Today, they're actively demanding change and personalized experiences. In response, successful advisors harness technology to bring personalization to a broader scale while fortifying the foundation of trust. These two elements stand as cornerstones in nurturing strong advisor-client relationships.

Recently, Kyle Fleming, CFA®, Product Management at SS&C’s Black Diamond® Wealth Platform, and Tim Welsh, President & Founder of Nexus Strategy, hosted a webinar with, Empowering Financial Advisors: Mastering Digital Communication and CX. During the event, Kyle and Tim discussed how financial advisors are reevaluating their service models, client communication strategies, and client retention tactics to ensure the sustainability of their business. By adopting a product management approach throughout the client's digital journey, advisors can offer a seamless, client-centric experience that fosters loyalty and drives business growth.

Key takeaways from the conversation:

  1. Changing Advisor-Client Dynamics

    Recent data from a 2022 PwC survey[1] reveals a growing desire among investors, particularly high-net-worth (HNW) individuals, to switch advisors. Investors are looking for a more personalized experience, increased access to new products and services, and improved digital capabilities.

  2. Expanding the Role of Advisors

    Today's investors seek a comprehensive suite of advisory services beyond portfolio management, including tax planning, estate planning, elder care, and family mediation. Advisors must highlight their value proposition to clients to justify their fees.

  3. Meeting Rising Expectations

    High-net-worth investors are showing a keen interest in non-traditional assets, such as alternatives. Technology is essential for managing these complex investments effectively, given the associated reporting, document signing, and backend operations.

  4. Pursuing Personalization

    Personalization now bridges the gap between portfolio construction and financial planning. Advisors should align their strategies with each client's individual goals to prevent mismatches between risk tolerance and portfolios.

  5. Technology as a Catalyst

    Technology is pivotal in building trust and remaining competitive. Advisors must embrace various communication modes and platforms to connect with clients, particularly in the face of established brands in the industry.

  6. The Six Steps of the Digital Client Journey

    A client's digital journey comprises six critical stages, each offering an opportunity for advisors to enhance the client experience. Each step requires careful consideration, from prospecting and onboarding to ongoing servicing, relationship management, loyalty, and referrals.

To meet evolving client demands, financial advisors are adapting their processes; applying product management principles, gathering feedback, and implementing iterative improvements are vital to staying ahead in this changing landscape. Many advisors find it practical to focus on specific aspects of the client journey initially, with onboarding being the linchpin in establishing long-term client relationships across generations. The key to success lies in understanding that the onboarding process is designed for the client, not the advisor, and simplifying it as much as possible will only enhance the complete client relationship.

Watch the complete webinar, Empowering Financial Advisors: Mastering Digital Communication and CX, for more information on how a seamless client communication strategy and exceptional client experience are no longer optional but imperative. Then, to learn how SS&C’s Black Diamond Wealth Platform can support the unique needs of your business, request your personal demo, call 1-800-727-0605, or email

[1]PwC HNW Investor Survey 2022: