Firms that provide wealth management and private banking services to high net worth individuals pride themselves on developing strong, long-lasting relationships with their clients.
Often the needs and objectives of their clients are complex, involving family members, companies, charities and trusts that require sophisticated products and services. It is paramount that the regulated advice being given is clearly understood by all parties and that the client’s relationship with the firm is as strong as their relationship with their adviser.
The cliché is true: time is money. Many PBWM firms face a significant cost-income ratio challenge. Regulation and compliance rightly are important priorities, increasing the burden of administration and reducing the time advisers have for their clients and to grow the top line. Great service, valued advice and efficient processes will always win the day, but there are a number of challenges firms must first overcome.
Data is not necessarily collected across all client touchpoints, nor is it possible to gather insights at scale. This can lead to compliance risks, a higher threat of remediation and the delivery of sub-standard client outcomes.
Maximising client experience, revenue and efficiency. Advisers, assistants and para-planners spend a lot of time on cumbersome administrative tasks. These add costs, reduce the perception of value for the client and take up valuable hours which could be better spent attracting new business or strengthening existing relationships.
Changes in staff can cause disruption for clients, supervisors struggle to spend enough time with advisers and to get a true reflection of their work, and it can be difficult to show examples of what good looks like in training.
Recordsure is designed to tackle challenges like these at source. With a background in financial services, we use smart technology to support teams with a proven track record in private banking and wealth management. Our analytics and automation tools drive huge efficiencies in review processes, improve client outcomes by providing greater clarity of what is being discussed with clients and managing risks with advanced anomaly detection systems.
Download our Private Banking and Wealth Management breakdown to gain an in-depth understanding of the challenges our clients face and the solutions we have developed to tackle them.
We will share your PBWM guide with you via the email provided so please check your inbox.
Our comprehensive guide is the must-read for wealth managers and private bankers seeking to harness intelligent data and actionable insight from customer interactions at scale.
The Recordsure platform has been designed to address key issues of the PBWM industry at source, providing a holistic solution. Every business model is different, but our products are modular and versatile enabling them to be tailored to a wide variety of wealth management and private banking workflows.
The key areas we drive value for our clients include:
Our comprehensive guide for private bankers and wealth managers seeking to harness data from customer interactions at scale
We will share this with you via email so please check your inbox.
Recordsure analytics tools are versatile and modular to give our clients the power to build a specific solution to meet their unique needs. Our AI-based cutting-edge technology combines human-level intelligence and machine-powered capability to support compliance, customer care, risk management and sales at scale.