3 ways to differentiate your organization during investor onboarding

You probably know the feeling of making a big decision – maybe purchasing a home or choosing the perfect childcare situation – and then immediately wondering: Was this a smart choice?

I do. I’ll never forget the day I bought my first home. I was excited, proud and terrified. And full of questions.

Did I sign up for the American dream or a life filled with chasing money to make a mortgage payment? Are they the same thing? Would my future kids be safe on their bikes, or would I constantly be worried they were rolling into unforeseen heavy traffic? Would the massive trees in the yard provide my family with years of shade and decrease energy costs or become fall hazards? And when would that roof need replacing?

What had I done?!

That feeling – a gut check – is exactly why modern onboarding is so important for your wealth management firm. We all know first impressions are extremely important, so when you bring on new investors, their experiences from the first clicks need to be convenient and full of feel-good assurances.

If your team is committed to delivering top-tier customer experiences, then now is the time to make a swift impact with a smart, automated technology platform. Below, we outline three ways a modern onboarding solution can set you apart from your competitors.

No. 1: Make document gathering simple

Document gathering is the most expensive step in the onboarding process with a per-customer range of $400 – $2,800, according to a Deloitte analysis. This part of onboarding is paramount because it not only reflects on your firm’s tech capabilities, but it also sets the foundation for future customer-friendly interactions.

An intelligently automated document gathering system sets digitally adept firms apart from their paper- or spreadsheet-based competitors by automatically:

  • Form filling based on previous inputs
  • Merging data from multiple places
  • Extracting structural data from documents
  • Calculating formulas

No. 2: Get investors approved quickly

Intelligently automated onboarding not only speeds the investor experience, but it also gives your team the power to keep the process moving. Why work so hard to streamline onboarding if you aren’t going to usher investors into the “complete” category quickly and accurately?

To fully realize an intelligently automated process, your team needs onboarding solutions with the tools that empower them to:

  • Create smart internal workflows
  • Organize through case management
  • Eliminate bottlenecks
  • Service investors quickly from anywhere, at any point in the onboarding process

No. 3: Centralize your customer’s data to benefit their future experiences

As investors complete their smooth and efficient onboarding process, you need to put their data to work. But how?

While wealth management may be considered “one of the least tech-literate” sectors of financial services, you have the opportunity to make big changes through the aggregation and analyzation of investor data.

With a centralized repository for valuable investor data, your team can better:

  • Study investor activities
  • Tailor future recommendations to their behaviors
  • Maintain accurate data
  • Comply with regulations
  • Complete investor interactions – quicker and more accurately

Start off on the right foot

For investors ready to commit to your wealth management firm, you can help assure them in their gut-check moment by making their first true interaction a smooth one.

It’s simple: Make the customer’s job easy, so you can do your job.

That’s what my realtor and friend did for me the night my home-buying angst was overtaking me. As the professional in the situation, she gave me the best experience for the biggest purchase of my life at that point by doing the legwork on vetting the home.

And the house? Well, the mortgage math checked out, the streets and sidewalks have safely welcomed my kids and their bikes, and the massive trees are all shade and no hazard.

Interested in differentiating yourself during investor onboarding? Take a look at the ultimate wealth management cheat sheet.

Bryan Boynar

Bryan Boynar

Bryan Boynar is Hyland’s global solution marketing manager for the financial services and insurance industries.

... read more about: Bryan Boynar

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