How can optimising your content management system improve the relationship between wealth advisors and their clients and make your workflow more efficient?
- Wealth firms and advisors face constant challenges arising from fragmented processes for distributing and consuming investment data, which is traditionally managed in silos across various platforms.
- In order to solve these challenges an optimised content management solution is needed, which can enhance investment advice, improve advisor efficiency and ultimately deliver a better client experience.
- Refinitiv’s intuitive content management system, House Views and Market Insights, offers a solution, a single digital platform that co-mingles and collates relevant internal and external data, enabling an optimised workflow for wealth firms.
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Today, we see constant challenges in the wealth management industry arising from fragmented processes for distributing and consuming investment data. The consequences that arise from these challenges range from inconsistent investment advice to hindering advisor performance and poor client experiences.
However, new technology and leading-edge tools to optimise content management and streamline the wealth advisor workflow are coming to the rescue.
Clear content management and distribution challenges
Substantial quantities of proprietary investment information and client data, co-mingled with market data and news, are typically required if wealth advisors are to deliver optimal investment advice to clients. However, this information is typically stored or used in siloed systems, and effectively managing disparate sources of information can quickly become tedious, time-consuming and inefficient.
Other negative consequences of sub-optimal content management and distribution include poor adoption of the latest, most relevant recommendations and a substantial loss of productivity for advisors, ultimately leading to poor client experiences.
Advisors spending large amounts of time trying to find and reconcile the information they need in order to deliver optimal investment advice, means less time engaging with clients and building sustainable relationships.
The creators and distributors of information (for example, research and investment strategy teams) send their data to consumers (for example, wealth advisors and relationship managers) in different ways, via different channels.
Similarly, the consumers of such data access and store this information in different ways, via different channels, such as email, intranet, shared folders etc.
A siloed approach such as this can lead to a fragmentation of information flow.
Many advisors struggle to keep abreast of all incoming information; frequently need to consult several different sources to access all the data necessary to provide optimal investment advice; and need to pull all relevant information together in a cohesive view, often within tight time constraints.
Not only does a fragmented content management system affect advisors, but also the creators and distributors of the information, who have poor visibility of the adoption and effectiveness of recommendations.
What does optimised content management look like?
An optimised model for overcoming this challenge needs to centre on streamlined data delivery and connected communication between the distributors and consumers of investment information.
A best-practice content management model should offer:
- A single platform that connects and co-mingles all relevant information in one place, including proprietary in-house information such as recommendations and house views, as well as external information, including market data and news.
- Perspective and context for disparate data sets, taking into account factors such as breaking news, street consensus, research, ESG and more.
- Seamless connectivity between the distributors, consumers and administrators of information within a typical wealth management firm.
Empowering wealth firms and advisors
Refinitiv’s intuitive content management system, House Views and Market Insights (HVMI), offers a single digital platform that co-mingles and collates relevant internal and external data to enable optimised workflow and the secure management and sharing of investment-related data, both proprietary and market-related.
HVMI boosts in-house multi-team connectivity by moving away from the old-school approach of siloed solutions and offering comprehensive data and productivity-enhancing tools on a single platform.
Such tools do not replace advisors, but augment advisor capabilities, freeing up time for higher value-add functions, boosting productivity, and enhancing the ability of advisors to respond to client needs in real time.
We have also expanded on HVMI to include a stand-alone API, allowing wealth firms to access and share HVMI data in third-party platforms and portals for private investors, further enhancing the client experience.
Additional benefits of a connected approach include simplified access to important information; efficiency gains; a lower risk of providing inconsistent investment advice; increased reactivity to market conditions; and a better client experience.
Where powerful digital tools and insights are delivered straight to the individual advisor’s workstation or client portal, the benefits are tangible and immediate – and, at Refinitiv, we remain committed to continually investing in and refining our solutions so that we can empower advisors to deliver greater value to their clients and the firm.
