Wealth management firms typically offer two tiers of service – the high-touch Do It for Me and fully-digital Do It Myself – but a relatively new hybrid model of adviser-client cooperation – Do It With Me – holds the promise for great efficiency and earnings for both sides of the relationship.
Thanks to new and emerging technologies, clients can take a more active role in the management of their own wealth, which is a good thing. Implemented correctly, supplemental technologies can empower the client, freeing up the adviser to expand his or her book of business without deteriorating service.
Firms just need to know which service tier is right for each client. There are times that Do It for Me and Do It Myself are still preferable, but their inherent limitations suggest that the Do It With Me model will fuel revenue growth in wealth management businesses for the foreseeable future. The key to unlocking this growth is better capture and use of customer data.