This McKinsey report forecasts that “in the next five years around 7,000 ‘traditional’ advisors will retire. By 2030, as advice becomes increasingly analytics-driven and automated, advisers will shift their focus to comprehensive planning beyond the portfolio.”

In the next ten years, wealth managers’ role will shift from advisors to life/ wealth coaches who advise HNIs (High Networth Individuals) from banking and investments, to healthcare, taxes, estate and overall financial wellness. This shift will be fuelled by the focus on hyper personalization and bite-sized goals.

As the rules of Sales Engagement shifts, the wealth coaches of tomorrow will evolve to provide advice that is:

• Data-driven – tap the potential of zettabytes of data such as the client history, preferences, health and financial goals during their life journey.
•  Omni-channel – Instead of a siloed viewpoint, wealth coaches will use a variety of channels to engage HNIs through their preferred modes of contact – social media, live chat, phone, self-service, screen sharing, email and much more.
• Personalized – create a seamless experience for the digitally-fluent, hybrid affluent investor.

Here’s four ways a Sales Engagement Platform can transform a wealth manager to a wealth coach:

1. Democratizes best practices

If you’ve gone through the Gartner Guide on sales engagement applications, you know how a platform like Vymo leverages ML. It traces and learns from the processes and activities of your star salespeople. Based on this learning, it offers contextual coaching to the rest of your sales teams. 

As a result, sales best practices are available for everyone to replicate. The entire team gets a much better shot at converting the leads they have, thanks to smart lead allocation and intelligent coaching . 

2. Enables better service

An intelligent technology platform like Vymo helps your teams to provide timely, better service. Your HNIs want not only good service but also timely attention. 

The platform will serve timely nudges about pending tasks whenever the wealth advisor is in the vicinity. Or smart calendaring of the advisors’ schedules, which will ensure advisors can plan in advance.

3. Leverages data well

By 2030, as many as 8 out of every 10 new wealth-management clients will prefer advice that’s data-driven and hyper-personalized, according to this McKinsey study. 

A modern sales engagement platform that has the ability to process data is the only answer to these changing needs. Robust, intelligent, and contextual – that’s what your platform needs to be like. 

4. Encourages widespread adoption

The only way to know if your technology platform is really successful is to have a look at the DAU (Daily Active Usage). Higher the DAU, better its acceptance and efficiency for the on-field teams. 

 (Vymo has 75% DAU across 250,000 users in 8+ countries, with an average usage of 60 mins per day)

A key factor in the high adoption rate would be the mobile-first nature of such a solution. Sitting inside the smartphone of your teams out there in the field, this solution will capture everything that matters. That helps on-field teams to stay the course and managers to gain real-time visibility.

Closing remarks

The way wealth advice is delivered and consumed is changing. HNIs financial priorities are shifting from risk-based portfolio to outcome-based planning. With an intelligent sales engagement platform, a forward looking bank can build a team of wealth coaches who are digital savvy and tech-ready.