By Philip Hediger
Head of Wealth Servicing, Altoo AG
The needs of wealthy clients have hardly changed over time. They are still looking for advisors and wealth management providers who will accompany and understand them over the years to come.
Good client service must strive to offer a personalised approach, improve the online experience of wealth management offerings, and retain qualified relationship managers.
Customer Expectations have stood the Test of Time
Numerous studies have looked at the reasons why clients leave their wealth management providers. The primary causes include; unhappiness with the level of service, poor execution, the strengthening of a connection with another provider, a lack of proactive service, and a change in relationship manager. McKinsey, for example, suggests that “a strong and complete dedication to customer service can set a company apart from its rivals and help it gain and keep customers for a long time.”
The fact is that customer expectations haven’t really changed. The ability to rely on a wealth management provider who walks alongside them, listens to their needs, has a genuine interest in them as a person, and understands their point of view is the deciding factor for the majority of clients. Wealthy clients value a wealth management provider who is effective in presenting them with compelling financial opportunities and who provides them with skilled, efficient, and professional assistance.
The Altoo Way: efficient, personalised, agile
At Altoo, we understand that ultra-high-net-worth individuals and those managing their wealth operate with a wide array of assets. To address this, our core product – the Altoo Wealth Platform – offers a comprehensive data aggregation solution so that the client can benefit from viewing a single source of data. The result translates into managing wealth more efficiently and accurately.
In addition to the tangible benefits (such as centralization of the family’s overall financial position, reduction of inaccurate manual processes, and automated reporting capabilities within a family office), our clients tell us that they value the peace of mind that comes from working with us.
Since the founding of our Swiss Fintech Altoo in late 2017, our approach has been proactive and personal. Every client relationship has access to a skilled client service team to help the individual or institutional client make the most of our technology solutions. Our service team members are able to demonstrate to the client the most effective platform solution or information by offering personalised guidance and assistance to each client.
Furthermore, Altoo is a small, agile entity that is independent from banks. We are able to react quickly to new trends and service requests from our clients. Advanced analytics and programming methods also play a critical role in our internal processes.
While we constantly automate procedures, simplify operations, and allow technology to take over more and more of the data consolidation duties in order to deliver to wealthy clients the fast-paced digital services they expect to be able to access anytime, anywhere, via their preferred online channel, the client interface stays personal via our service team.
Our view is clear. It is essential that wealth management providers establish robust digital systems to ensure operational efficiency. However, in serving affluent customers, it is essential to maintain a consistent and high-quality level of personal service. This is crucial for building a relationship based on human trust, which is what the entire financial system is built upon.
