client experience Articles

Exams, elephants, and advisor performance: Dealing with the disconnect between client satisfaction and advisor performance

When polled to give their wealth manager an exam score, US HNW investors levied a score of 72.7%, which would equate to a C- grade. This score would likely result in dire consequences in most households with children. Yet at the same time, net new money inflows – which averaged USD 1.8 billion (or 1.7% of assets) across the industry in 2013 – seem to affirm the health of global wealth managers.

Client Experience: The drive to put clients at the heart of wealth management

“Put the customer at the heart of the service experience” – that’s the gauntlet that one global wealth management firm intends to throw at the feet of its new executive and head of client experience (CX).  Challenged to “drive transformational change in customer journeys” and deliver “sustainable competitive advantage through best-in-market customer experience”, the optimism of all would-be candidates must be applauded.

Re-thinking the link between client satisfaction and advisor pay

It is hard to believe, but in wealth management today one of the most controversial statements you can make is that client satisfaction is at the heart of the business. This seems counterintuitive, especially in a business that prides itself on building lifetime relationships with clients who have complex financial needs.

Where Human Meets Capital

Where Human Meets Capital explores the evolution of human capital in wealth management. In this week’s article Peter Keuls, McLagan’s Global Head of Wealth Management, explores how technology continues to change the wealth management workforce, and considers how firms can best position themselves for tech-enabled success.

Success in Succession Planning

While all eyes have been watching the DOL / fiduciary developments, another risk continues to loom over the industry: the dual trends of a rapidly aging FA force and their aging clients.

Agile Working and What Makes a Great Advisor

Increasingly firms must be tuned in to the changing needs of clients. During his 2009 TED talk, Marketer Richard St. Curtis argued that we must stop discussing ‘success’ as though it is a ‘one-way street’. Too often, he explained, we focus on everything that will lead us to success and, when ‘we figure we’ve made it, we sit back in our comfort zone’ and stop trying.

Into the Wilderness: Shifting the Digital Discourse from Protection to Progression

“We are releasing the computer into the wilderness,” announced Hendrik Leber of Acatis Asset Management in March. He was, of course, referring to the recent launch of the first global equity fund to be fully controlled by artificial intelligence. Computer-based research and trading solutions may have been around for some time, but Leber’s technology is particularly smart. It is able to discern patterns of non-linear developments; it is capable of deep learning.

Aon Names Ray Everett Global President of McLagan

Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced it has named Raymond Everett as global president of McLagan. In this role, Everett is responsible for leading a team of experts who provide compensation, performance and talent intelligence to companies in the financial services and insurance industries. He leads the McLagan executive committee and is a member of Aon’s Talent, Rewards & Performance executive committee.

A Fully Satisfied Client Doesn’t Always Translate into Capturing a Growing Share of Wallet – Don’t Let High Scores Fool You

Your client satisfaction scores are in and they are up strongly! Cause for celebration? Not so soon. The bad news is that our research shows that scores are up across the industry (overall satisfaction amongst $1 million plus investors are up 9%). Strong markets have left clients feeling good about their investment performance, which translates through to better client satisfaction. However, we will likely find this gain to be ephemeral when markets soften again.

The 2018 McLagan Perspectives Report: An In-Depth Exploration of Current and Future Trends in Financial Services

We are in an age of major global transformation for financial services. As technology continues to shape a new industry landscape, firms are forced to rapidly adapt to trends in the current market, including longstanding talent and rewards strategies to stay competitive in the race for tech-enabled talent. This is a challenge that financial services firms must face head on, while at the same time contending with political and social unrest, economic fluctuation, and strong regulatory standards.

Top Five Property-Casualty Insurance Industry Trends to Know

Property-casualty insurance firms have seen a significant shift in the staffing profile in recent years. The average company added over 20% more staff in technology, actuarial, and analytical roles compared to a 40% decline in front office roles, including policy processing, data entry, and clerical work. We anticipate that automation will require fewer employees to directly interact with the customer and perform data entry tasks, as these activities are delivered through automated and digital methods.

Infographic: Forces to Watch for Financial Services Firms Across the Globe

We are in an age of major global transformation for financial services. Technology disruption is happening all around us, forcing traditional establishments to innovate, re-think old tactics, and adapt to the ever-shifting digital world. In this current state of change, there are many new challenges that financial services firms must face head on, while contending with political and social unrest, economic fluctuation, and strong regulatory standards. From global expansion to new reward structures, client experiences, and entirely new sectors, here are the top trends affecting financial services firms across the globe.