Integrated advisor desktop helps build long-lasting client relationships

By: Ed Wright

Studies find that 66% of advisors are fired by their clients’ children during the wealth transfer and up to 70% of women leave their advisor after becoming widowed. Advisors that involve heirs early on are often more successful at building and maintaining long-term relationships.

An advisor that effectively delivers on the client’s wishes and mitigates complexity for overwhelmed heirs reduces the risk of becoming replaced. Today’s leading advisors leverage new technology solutions to deliver personalized, high-value services to clients in a cost-efficient manner.

The integrated advisor desktop concept from SS&C Salentica is an example of such a solution. Not only does it keep advisors informed and efficient, it also:

  1. Manages wealth transfer
  2. It’s estimated that more than $6 trillion in assets will be transferred over the next 30 years. According to a 2015 U.S. Trust study, 78% of high-net-worth baby boomers feel the next generation is not financially responsible enough to handle an inheritance.
    The integrated advisor desktop provides a holistic view of each client’s wealth so advisors can effectively plan generational transfers that address the concerns and wishes of all parties involved.

  3. Provides greater operational efficiencies
  4. With the integrated advisor desktop, advisors can meet their regulatory requirements and still have time to serve clients and build business. It gathers compliance information from disparate applications and data sources into one information hub, increasing efficiency and saving time.

    Advisors also benefit from automating routine tasks and procedures (e.g. client onboarding). In addition, proactive reminders for people to “do their part” when the time is right make complex processes simpler and quicker.

  5. Nurtures client loyalty and referrals
  6. Satisfied clients are the industry’s number one source of new business referrals. The deeper the relationship a client has with his or her advisor, the less likely he or she will change firms or advisors. Understanding the total client relationship, including household members, centers of influence, and holdings across the household, is key to building a deep, long-term relationship.

To learn more about capturing opportunities with new technology, download our whitepaper Keeping clients front and center: essential components of the integrated advisor desktop.