This blog post originated from a conversation between Mark Wickersham and Bill Wyman, President of Summitas, featured in a recent episode of The Risclarity WealthTech podcast.
The full podcast can be found here.
Client engagement is a crucial component in the successful adoption of digital platforms, especially within family offices and wealth management firms. Understanding how to foster this engagement can lead to improved user interactions and overall satisfaction. Let’s dive into the strategies and insights that can help organizations enhance their digital transformation efforts.
The Importance of Engagement
Digital transformation is not just about implementing new technology; it’s also about ensuring that the end users, such as clients and family members, engage with these platforms effectively. Many firms have experienced low usage rates of digital portals despite their initial rollout. The key is to simplify the onboarding process and gradually introduce functionalities to users.
Starting with a few essential features can help clients acclimate to the new system. For instance, identifying the top five tasks that clients want to accomplish with a platform like Summitas can provide a focused approach to engagement. This method helps clients feel comfortable and encourages them to explore additional capabilities as they become more familiar with the platform.
Utilizing Customer Success Teams
Engagement is also enhanced by leveraging customer success teams that understand what works and what doesn’t in terms of user adoption. These experts can guide firms on how to utilize technology effectively to meet their goals. For example, a registered investment advisor (RIA) that has been with a platform for years might start with only 10% of its clients engaging with the system. However, with consistent support and education, this number can rise to 75% over time.
The journey to full engagement is gradual and requires ongoing education. As users become accustomed to accessing information through the platform, they will increasingly rely on it for their needs. This learning curve is essential in changing user behavior and enhancing overall engagement.
Identifying Key Problems
Firms often approach digital platforms with specific problems they want to solve. The top three issues typically include:
1. Transparency: Clients, especially those dealing with complex financial situations, need a clear view of their financial data. Digital platforms must centralize information from various sources to provide users with easy access.
2. Secure Information Sharing: Sending sensitive information via unencrypted emails poses a significant risk. Solutions like Summitas Share facilitate secure document sharing, ensuring that only intended recipients access sensitive data.
3. Financial Integrations: Integrating investment data and visualizations and providing this information online in a secure manner can increase adoption. It also can deepen in person conversations with family members and clients as they are already up to speed on some of the core details of their wealth. By collaborating with partners, platforms can pull in metrics and present them in user-friendly formats.
"Recently one of our family office clients implemented a financial dashboard that can be accessed by their clients. What have they found? One is there's been a increase in clients accessing the platform to get this information," shares Bill Wyman "but two is that the advisors have reported that the conversations have been deeper. There's a better understanding of what the client has from an investment standpoint, and these conversations are more meaningful. So it's leading to
a stronger client-advisor relationship."
Streamlining the Adoption Process
Understanding objectives is crucial when launching a digital platform. Organizations must clarify what they aim to achieve and keep the initial rollout simple. It’s advisable to set realistic timelines for adoption, allowing for incremental improvements over time.
"I recommend you start of simple. If there are 20 things you want to get done with a digital client engagement platform, start with the top five. Get those addressed, because those are going to be the ones that the family members and your clients are going to want to access first. After the initial launch, firms can introduce new capabilities at intervals as users become accustomed to the platform. This gradual approach helps maintain user interest and engagement." Notes Bill.
Creating the Wow Factor
Initial impressions matter significantly. Ensuring that users are impressed on their first interaction with the platform can foster a sense of excitement and engagement. This "wow factor" can motivate users to explore the platform further and encourage adoption.
Maintaining energy and enthusiasm around the project is essential. Communication from leadership about the importance of the digital platform can help to reinforce its value to the organization.
Understanding Generational Expectations
The expectations of different generations regarding technology can vary greatly. Younger generations, who are often more digitally native, expect immediate access to information and seamless interactions. "Sometimes the older generation needs to be a little bot more convinced," notes Bill Wyman of generational adoption trends. Family offices must consider these expectations when designing their digital experiences.
Involving family members across generations in the decision-making process can lead to better outcomes. For instance, one family office established committees that included members from different generations to ensure that everyone’s voice was heard during the selection of their digital platform.
By gaining buy-in from all generations, firms can facilitate easier implementation and increase overall satisfaction with the platform. This collaborative approach not only improves user experience but also encourages early adopters to champion the platform to their peers.
Leveraging Technology to Maintain Connections
As families become more geographically dispersed, maintaining connections becomes a challenge. Digital platforms can play a pivotal role in ensuring that family members can communicate and share important information securely.
Providing a platform that allows for secure communication and sharing of legacy information is vital. This capability helps families maintain their connections and ensures that their legacy is preserved across generations.
Conclusion: The Path to Successful Digital Adoption
Successful digital adoption requires a multifaceted approach that prioritizes user engagement, education, and gradual integration of new capabilities. By simplifying the initial experience, leveraging customer success teams, and understanding generational expectations, organizations can create a positive environment for digital transformation.
Ultimately, the goal is to build a digital experience that not only meets the needs of users but also enhances their relationships with their advisors and family members. This comprehensive approach will ensure that digital platforms are not merely tools but vital components of a cohesive family office strategy.
About Bill Wyman
Bill Wyman is President of Summitas. Bill joined Summitas in 2010 and has over forty years experience working with family offices and RIAs. Bill was recently awarded the Family Wealth Report 2024 Lifetime Achievement Award for his contributions to the Wealth Management industry.
About Summitas
Summitas Platform® is a secure client engagement platform that empowers families and wealth advisory firms to serve clients through a custom-branded portal that simplifies communication and protects privacy with advanced cryptography and layered security.
Learn more about how Risclarity integrates with Summitas.
Disclaimer
The information provided is for educational purposes only. Opinions expressed and estimates or projections given are as of the date of the presentation and Risclarity has no obligation to update or provide notice of inaccuracy or change. Summitas is an independent company and is not affiliated with Risclarity.
