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December 28, 2021

Tips to Onboarding Clients as an Asset Manager

Key takeaways:
  • As an Asset Manager, cultivating your client relationship is paramount and first impressions are important, a shoddy onboarding experience can irreparably damage that.
  • Take a complex onboarding experience from 41 days down to a breezy 1-2 days.
  • Here are 11 foolproof ways to improve the onboarding experience using HelloFlow.

There are many defining moments within the client-Asset Manager relationship, one of the most critical being the process of onboarding that client. One wrong move could ruin the repertoire you've worked hard to build. As a working relationship built on understanding and trust, starting that partnership with a subpar experience plants a big red flag that won't soon be forgotten.

Bad onboarding is worse than a limp handshake. It can rattle the confidence of clients, and even if they understand there's legal red tape causing friction, ultimately, the blame is placed on you. There's a certain amount of goodwill to be had in the honeymoon phase, but clients will be less tolerant if you start off on the wrong foot.

It's no secret that onboarding moves at a snail's pace, is inefficient, and feels burdensome for everyone involved. Until recently, addressing such concerns was too costly or involved months of logistical torment. But now, with HelloFlow, implementing a digital-first solution only takes a single, hassle-free day.

The Onboarding Process At a Glance

If you aren't convinced about the importance of the onboarding experience, you should know that more than 90% of high-net-worth individuals said service quality was their benchmark for choosing a wealth management firm. Onboarding is one of the first telltale signs of your organization's service standards because you can talk a big game, but actions speak louder than words.

With that in mind, traditional onboarding methods still being utilized to this day don't meet client expectations in the slightest. Sure, onboarding isn't a process a client will ever get excited about, but it shouldn't feel like pulling teeth. It should be more of a neutral experience.

Asset management onboarding has traditionally involved a lot of time-consuming manual documentation. Clients are faced with mountains of forms each filled with confusing jargon. More often than not, there is a strained back and forth between explaining what information is needed and following up on missing documentation.

To add insult to injury, clients have to sign important documents in person, face drawn-out regulatory and compliance checks, and have a little overview as to how much more time the process will eat up. Internally, you'll know that this grueling process can take a whopping 41 days. Safe to say that this is unpleasant for everyone involved    

What's Not Working?

The most glaring issue is that onboarding is currently a horrible customer experience that takes far longer than anything should in the modern age. It feels clunky, outdated for those conducting the onboarding and those who have the displeasure of being onboarded. This can be chalked up to an unnecessary amount of repetition, including asking for the same information several times and repeated clerical tasks.

Many Asset Managers also agree that it can be awkward to request source of wealth documents from a new client during a face-to-face meeting. It can appear tactless when money is such a sensitive topic. Processes like this would be far easier to handle in a digital capacity.

On the client's end, too often they are passed from one department to another, speaking to several different stakeholders throughout. This can quickly whittle down the client experience as they feel they aren't being properly guided. The final nail in the coffin? It's expensive to onboard in this way. It just isn't worth the time and effort it takes, especially when you consider how prone to errors this process is.

coins and pens
Asset managers can easily improve client onboarding by digitalizing all necessary forms and questions.

11 Ways HelloFlow Can Help

  1. HelloFlow starts at the root of the issue. Manual handling. Going digital helps to eliminate some of the biggest pitfalls in the client onboarding process and accelerates the experience.
  2. Regulatory compliance is streamlined with the digital touch, taking procedures from weeks to hours.
  3. HelloFlow's system stores data smarter, allowing full access to information in one go, meaning all relevant stakeholders have access to all the particulars gathered. Cutting out the need for lengthy email chains and clients being passed around.
  4. The only way to work smarter is to work with interconnectivity in mind. That's why HelloFlow isn't a series of independent processes. It's all linked together, including your AML, KYC, Risk Assessment, CRM, client monitoring, Identity Verification, and more, in one cohesive platform.
  5. All processes work in sync to create an entire experience that happens in one swift movement, with all documentation, signing, and forms in one place.
  6. A well-organized system naturally creates a clear road map for your internal teams and clients. Onboarding becomes more linear and less nebulous.
  7. The faster you onboard clients, the better. With HelloFlow, time to revenue is now up to 81% faster than before.
  8. But not only is it faster, digital onboarding is far more cost-effective, with no massive developer fees, plus due diligence is more thorough, with the reliance on AI and automation.
  9. A digital onboarding solution makes scaling your business far more effortless than ever imagined, it’s integral to growth without having to spend more and widens your workforce. You can pivot your onboarding flow quickly. It doesn't become a burden when you suddenly have more clients that need to be onboarded, which is something you can't say about manual onboarding.
  10. Digital onboarding allows you to build infinitely, giving you the power to widen your net and hook in more ‘edge cases’ better than a PDF ever could. This, in turn, reduces the amount of back-and-forth between Asset Managers and clients, achieving HelloFlow’s main objective: to speed up onboarding.
  11. Last but certainly not least, having a modern onboarding tool sets the right tone for building long-term partnerships. It demonstrates that you're digital savvy and here to make your clients’ life easier, which won't go unnoticed.    

We understand that one of the biggest worries asset management firms have is that they already have a high workload and overhauling their existing onboarding process feels like a mammoth task, rife with disruptions. But, with HelloFlow, it couldn't be easier. Using plug-and-play tools to build a custom onboarding flow takes less than a day to get up and running.

Our no-code platform allows you to bring your current onboarding processes online, with no disruptions. Superpowered with automation and a great deal of integrated services that all make the onboarding process feel flawless, frictionless, and fast. It's the optimal onboarding experience that will win over clients and create efficiencies internally. Want to see it in action? Book a demo now or sign up for a 14-day free trial and start building your flow immediately.

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