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Unlocking Trust and Loyalty: Effective Wealth Management Communication Strategies for Multigenerational Clients

By Scott Draeger, SVP of Product Marketing and Vertical Solutions at Smart Communications 

In wealth management, effective communication is the cornerstone of building lasting relationships across generations. As younger demographics increasingly play a role in financial planning, the ability to understand their distinct preferences becomes imperative for firms like yours that are aiming to secure trust and loyalty over the long term. 

Different Generations, Different Communication Expectations 

Your longest serving clients may associate respect and trust with face-to-face meetings to review custom generated reports. They may want time to review physical documents in larger print, or positively associate a wet signature with the close of an important transaction. These traditional preferences have been emblematic of trust and reliability.  

However, as younger generations become involved, the same style of interaction may no longer resonate. In fact, that same treatment may send the opposite message. Printed pitchbooks may be viewed as wasted time as cumbersome reports are not searchable. Instead, interactive, digitally driven communication channels are favored, with a preference for dynamic visuals and streamlined processes. The last thing they want to do is take time out of their day to sign and return a stack of physical documents. As your client base changes, your wealth managers need to deliver the right experiences to the right client at the right time. 

Adapting to Multigenerational Expectations 

It is possible to deliver a wide range of tailored customer communication experiences without creating a cumbersome technology stack, adding to compliance burdens, or increasing operating costs. With a leading customer communication management (CCM) solution with integrated forms automation technology, you can deliver client experiences that range from high touch to high tech in a way that delights your clients, regardless of their age. When technology is flexible, your wealth managers can provide better experiences in less time, so they can focus more on their clients and less on technology. 

Personalized, Compliant, Consistent: The Power of CCM 

With a leading CCM solution, wealth managers are empowered to send communications that are personalized across various channels, yet compliant. Communications are consistent, whether they are printed or digital. The same technology creates and delivers prospectus, pitch books, reviews, compliance documents, confirmations, and other critical documents to your customers’ channels of choice. By integrating compliance measures seamlessly, risks are minimized, and valuable time is saved for both clients and wealth managers.  

Channel Preferences Across Generations 

Smart Communications™ commissioned original customer research on the generational communication preferences of financial services clients. Our 2023 Benchmark study revealed that channel preferences varied with each age group , emphasizing the need for a multichannel approach to effectively serve all clients.  

Supporting Diverse Clientele with One Solution 

Integrating customer-facing technology with self-service forms automation enables wealth managers to efficiently serve both high-touch and high-tech clients. Whether it’s creating personalized communication or facilitating self-service transactions, seamless integration ensures a cohesive client experience. The same technology serves tech savvy clients who want to check in on their assets, model some transactions, and make changes without interacting with a wealth manager. If the tech savvy client encounters something that needs clarification, that experience is immediately transferrable to a wealth manager that has the full context of the information already entered, respecting the client’s time and delivering the high-end service they deserve. 

When situations become highly complicated, Smart Communications’ new feature, Business Events, it becomes easy to create and assemble complex packets of information. When your advisors need copies of some documents, clients’ need copies and summaries, client’s attorneys need to file copies with certain fields redacted, and data needs to be protected; Smart Communications easily assembles complex packages of enclosures, attachments, and carbon copies of critical experiences to make transactions move smoothly while protecting privacy and reducing risk. 

Taking Client Service to the Next Level  

Preparing for the impending wealth transfer requires a proactive approach to client service. Smart Communications offers insights on crafting a client service that resonates with generational cohorts, setting the stage for lasting trust and loyalty. Explore our white paper to learn how to navigate the evolving expectations of wealth management customers and position your firm for success in the digital age.  

About the Author
Scott Draeger is the SVP of Product Marketing and Vertical Solutions at Smart Communications. With a passion for collaboration, and 27 years of experience working with B2B customer communications technology, he focuses on how communications can be better for the recipient and perform better for the business. He started as a document designer using a collection of hardware and software technologies, before moving to the software side of the industry. His broad experience includes helping organizations improve heavily regulated customer communications all around the world.