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III. Emerging Technology Landscape<br />
Automated Onboarding<br />
Recent and upcoming financial regulations, such as the US Department of Labor’s fiduciary rule,<br />
Canada’s CRM 2 and POS, and MiFID II in the EU, have contributed to making onboarding one of<br />
the top three initiatives wealth management executives prioritized for the next 6-12 months. Firms<br />
are looking to provide their advisors with content management, workflow, and digital signature<br />
capabilities to ensure detailed tracking for audit purposes, automate compliance process decisions,<br />
and immediately capture investor consent. Emerging competition in the automated advice market<br />
has also forced firms to examine their current onboarding experience, and add competitive features<br />
like check image capture.<br />
Goal-Based Features (Reporting/Tracking/Proposal Generation)<br />
As a goal-based approach becomes the standard for firms, technology must be updated to generate<br />
a goal-based proposal and then monitor and track client progress toward goals. With the emergence<br />
of robo-advisors, firms need to enhance their advisors’ tools by adding capabilities like on-demand<br />
reporting, automated rebalancing, and an aggregation of accounts to see their clients’ entire<br />
financial picture. These features are key to providing advisors with the ability to monitor and adjust<br />
their clients’ goal progress in near real-time.<br />
Digital Collaboration<br />
While the wealth industry has recently focused on client mobility, half of wealth management<br />
executives indicate that they will work on developing a mobile technology solution or platform for<br />
advisors this year. Although developing on-the-go capabilities will boost advisor productivity by<br />
providing access to client account activity, high-level book-of-business statistics, and real-time<br />
market information, there is also potential for enhanced advisor-client collaboration. For example,<br />
enabling an advisor to have an in-person discussion with the client using a tablet or utilizing features<br />
that allow an advisor to see what their client is looking at in the client portal to better answer<br />
questions and solve problems.<br />
Figure 7: Enabling a Collaborative Environment<br />
Advisor<br />
Advisor Desktop<br />
E-signature, check image<br />
capture, and other tools<br />
make it easy to open an<br />
account and access the<br />
collaborative environment<br />
immediately.<br />
Goal-based tools allow<br />
advisors to better tailor and<br />
teach in a collaborative<br />
environment.<br />
Digital tools allow advisors<br />
to deepen client<br />
relationships by quickly<br />
answering questions and<br />
providing a tailored<br />
experience.<br />
Collaborative Environment<br />
Client<br />
Source: CEB analysis.<br />
© <strong>2016</strong> CEB. All rights reserved. 8<br />
cebglobal.com
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