Almost two out of three wealth managers say their organizations are either actively engaged in client centricity programs or have plans to launch such programs in the next 12 months. In fact, only 1% of wealth managers are satisfied with current levels of client centricity, according to an SEI poll.

The poll was completed by 110 participants at the annual SEI Connections Conference. While respondents remain divided on the exact definition of “client centricity,” the majority agree that the term refers to meeting end-client goals and financial needs, both by demonstrating “empathy”—i.e. discovering or anticipating client needs (35%)—and providing technical solutions (26%).

Over the past 12 months wealth managers have worked to increase client centricity in a number of ways. Top strategies include creating multi-disciplined sales and relationship management teams (25%), implementing overall organizational change (23%), and initiating firm-wide integration of client relationship information (19%).

“After years of decreased consumer confidence, wealth management providers are taking important steps toward establishing true client-centric practices,” said Jim Morris, senior vice-president for SEI’s Global Wealth Services. “By launching long-term strategies revolved around holistic, customized models, wealth managers can re-establish the loyalty so critical to their business model.”

When asked what tool will be most important when demonstrating empathy over the next 12 months, the group was split between enhanced relationship management skills (46%) and improved communications (45%). Both of these strategies are emotional and subjective, as opposed to tactical approaches such as adjusting compensation policies, and will require organizations to invest in more strategic, training-oriented programs rather than simply updating procedures.

Respondents also gave insights on how they intend to improve communication with clients. The majority plan to give personalized advice (54%) through enhanced statements (61%), enhanced websites (54%), and clearer, more concise product and performance information (51%). Nearly one-third of the group (27%) also intends to use mobile apps as part of their communication strategy. In fact, conference attendees experienced live demos for the planned Global Wealth Services mobile applications.

For more information go to:
http://www.seic.com/enUS/about/5701.htm