RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Financial advisors need to look at client onboarding in a whole new light

Aite Group study shows that advisors are seeing the critical phase in back office/front office terms, not as a way to excel

Author Brooke Southall July 11, 2011 at 2:19 PM
Admin:
no description available
Sophie Schmitt: You have to look at the client experience from day zero.

Related Moves

Alois Pirker sets up shop in Marblehead by taking a page from the RIAs he advises

The former Aite-Novarica consulting chief wants the latitude of Pirker Partners to take the gigs he wants and avoid corporate consulting economics -- namely selling reports.

January 21, 2023 at 5:03 AM

Walt Bettinger sheds 'president' title and Bernie Clark gets new boss as Schwab appoints Rick Wurster as president and No. 2 in charge

The Schwab CEO gets 2016 'Windhaven' hire to share burden of governance from enormity of $8-trillion post-TDA, post-USAA, post-Motif growth.

December 20, 2021 at 11:59 PM


Mentioned in this article:

Aite Group
Consulting Firm
Top Executive: Frank Rizza




Elmer Rich III

Elmer Rich III

July 11, 2011 — 7:10 PM

Good topic and our experience matches most of the points mentioned. This is a complex topic and could be a long discussion but we’ll make it short.

We are business development consultants to see the process from delivery of the pre-qualified prospect to our client’s principals who close the sale and transition the new client. The best business development in the world is crippled if the new client transition is boggled. it can often be.

We see the following:

- RIAs and advisors are hyper-focused on existing clients and processes serving them — for good reason.

- There are rarely any business processes in place for new client transitions. Few even have CRM systems which form the basis of fact-gathering and collecting new client information and data.

- Handling new clients is generally haphazard and ad hoc. Again, understandable.

New client transitioning should be a core capability of each firm. But maybe it could be outsourced. Interesting idea. We are hired to generate a steady flow of new prospects but we often end up with these responsibilities, ad hoc, without getting paid to do so!

Case Study: One of the top estate planning firms in Chicago, many of their clients are global UHNW/family offices/billionaires:

- Differentiate themselves by their staff support for all administrative aspects of the estate plan implementation and execution.

- These tasks are identical to bringing on a new RIA/advisory business client

- Effectively ALL of their very successful,capable and uber-wealthy clients have huge holes in the administration of their affairs.

Yes, you can grow your business and beat your competitors just getting the administrative details right for new clients — and highlighting that in sales meetings and marketing!

NOTE: Avoid using the word “on-boarding” with wealthy clients — it’s dehumanizing.

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo