If traditional UK wealth managers want to stay in business, they must find their unique selling points, invest in technology and pursue inorganic growth strategies, according to a report from SEI Wealth Platform. Wealth managers need to be more strategic about cultivating and leveraging their brand value moving forward. One way they can do this is through enrolling in wealth management training to keep them up to date with the latest news and how they can make their brand stand out from competitors.
Wealth management and wealth management training
Wealth management is a high-level professional service that combines financial and investment advice. Overall, wealth management is the ability of an advisor or advisory team to deliver a full range of financial services and products to a client and aims to solve and enhance a client’s financial situation.
A wealth manager, in theory, can provide help with every single commercial product. However, in reality, many wealth managers specialise in services and products they feel most comfortable with. This means that companies could offer wealth management training to provide advisers with more knowledge in numerous areas.
Building trust for better business operations
Within business, people are looking for someone or a team they can trust and wealth management is no different. Service companies depend on trust even more than companies whose primary focus is products, because a service brand is built on the quality of the customer’s experience.
Firstly, wealth managers should have a good relationship with their clients. Customers want to feel as though they are being listened to and that their money manager can understand what they want from the service, developing a human face for the brand. Additionally, they expect that their expectations are met regardless of what area of investing their wealth manager specialises in, which is why wealth management training is essential, to ensure knowledge of numerous sectors.
Trust is only established when companies commit to doing business right, so be sure as a wealth manager you have a thorough understanding of your clients and what you can do to help them. Moreover, another major part of being a wealth manager is to orchestrate the services of others by creating or managing the network. Who can you connect your customers to? Plus, what additional services that your customers need could you introduce them to?
Developing an omnichannel approach to wealth management training
Many wealth management businesses are outdated with their basic websites and their tired processes. Omnichannel refers to a multichannel approach that provides your employees with a greater training experience with your brand, by utilising multiple learning platforms, including desktop, mobile, telephone or other mediums, to encourage a well-rounded training syllabus that caters to every learning style.
Away from training specifically, when it comes to wealth management companies, it could be considered to upgrade business assets into the digital age and create a more substantial online presence. By providing another platform that your customers can interact with, you can keep customers informed about what is being done with their money and how you are improving their finances, improving transparency and gaining trust.
Wealth management training can provide wealth managers with the knowledge of how to adapt to an omnichannel approach and how they can utilise this method to enhance their business.
How can wealth management training provide a competitive edge?
Wealth managers are facing mounting pressure to provide a distinct proposition as they all contend for the same profits.
Wealth management training provides a wider range of financial and commercial skills and the opportunity for a greater choice of action when deciding how to be most effective at work. Moreover, training can provide an understanding of how to respond to the genuine business challenges that could be faced at work and how better to contribute to the success of your organisation. Additionally, training overall can provide ideas to methods to help promote your brand and bring it into the digital age.