By Steuart Bruce, Principal, Banking and Financial Services

Offering an exceptional client experience is critical to attracting and retaining long-term trust and wealth clients. We’ve identified three essential keys that open the door to superb customer service.

Key 1: A Smooth and Quick Onboarding Experience

Depending on the type of trust or wealth account, initial setup can range from simple to extremely complex. No matter where an account falls on the continuum though, it is always a document-heavy process that involves many people and departments across the organization.

To ensure your client has a smooth and quick onboarding experience, despite all that happens behind the scenes, it is essential for trust and wealth management departments to leverage flexible “assemble as needed” workflow processes. Flexible processes decrease the time it takes to onboard a client and allow customizable workflows that enable departments to:

  • Provide an “Estimate to Complete (ETC)” time to the client so the client knows how long a process will take
  • Leverage staff specializations across departments so they work on relevant tasks at the right time
  • Organize and check documentation for audits and compliance

This key alone won’t unlock the door to exceptional customer experience though…

Key 2: Provide Collaboration Capabilities to Employees

It’s common that several departments across the organization will need access to client accounts and information. Whether it is compliance or audit groups ensuring an account meets regulations or numbers, they need to see existing information about the customer.

When employees across departments can view and collaborate on a client case, they only have to contact clients and create documents one time, putting the client at ease and making life easier for employees.

Key 3: Be a Rock for Your Client

After onboarding a client, ad hoc and random requests will emerge so a wealth and trust department must be a reliable place your client can turn to. When these requests arise, any advisor should be able to process and fulfill them. A transparent trust and wealth system that allows any staff member to access any files and easily navigate them will help trust departments meet all customer requests. Capabilities such as bookmarking and tagging relevant content will also aid in maintaining a transparent efficient system.

All three keys work in unison to help deliver an exceptional trust and wealth management experience for clients. Just like how no key will unlock the door on its own, an organization will not be successful if it lacks a valuable foundation to onboard and maintain trust and wealth accounts.

One of our own clients, MUFG Union Bank, knew that to stay competitive they needed to reduce the time it took to onboard trust clients. After leveraging Pyramid Solutions, MUFG Union Bank experienced a 30% reduction in onboarding time.

Read the case study to learn how Union Bank used the same three keys to achieve this result.