Xtiva launches Xtiva Vault to provide enhanced long-term data retention options
New service will provide SEC Rule 17a-4 compliant deep storage solution for investment firms to enhance long-term data retention and protection.
A client’s first experience with your wealth management firm sets the tone for the relationship. Clients who feel welcomed and appreciated in those first few weeks will be more likely to stay. And today, technology makes it easy to create highly personalized client experiences. There’s no excuse for anything less than a modern and streamlined client onboarding process.
Client onboarding is your firm’s process for starting work with a new client. It includes identifying prospects, completing a financial needs assessment, choosing the right products, and opening their first account. Each step in this process is an opportunity to strengthen trust and build a stronger relationship.
Onboarding is important for two reasons. First, it’s expensive. Acquiring new leads is costly, and it takes time away from serving clients. So a smooth, efficient onboarding is key to the smooth growth of your firm.
Second, onboarding shapes a new client’s impression of your firm. This means that it’s closely linked to client retention. And because long-term clients are more likely to buy expensive products, client retention is your firm’s best source of revenue. In fact, one study found that just a 5% increase in customer retention can increase your firm’s revenue by 75%.
In the past, onboarding required a stack of paperwork and a lot of data entry. But today, digital tools make it easy to gather data. A simple online form is all you need to get information directly from the client into your database. This enables advisors to focus on customer service and relationships instead of data entry.
To design a streamlined onboarding process, consider three key areas:
Nothing can replace a first impression. And for new clients, onboarding is the first impression. Financial advisors who implement a modern client onboarding process will have higher client retention and ultimately more revenue.