How Wealth Advisors Can Deliver Tailored Customer Insights At Scale Through Video

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David Moricca is the founder and CEO of Socialive, a platform that powers self-serve video content creation for the enterprise.

Wealth management is a relationship-driven business. Historically, wealth advisors have relied on in-person meetings to maintain these relationships. However, like most industries, the world of finance has changed dramatically in just a few years. Spurred by rapid digital transformation as a result of the pandemic, many wealth managers have embraced virtual meetings. Many financial customers, however, have come to feel unfulfilled with these once-a-year or twice-a-year meetings—be it in person or virtual.

Today’s consumers expect frequent digital communication and content relevant to their needs. At the same time, they want to feel valued as individuals through authentic, personalized messaging. Advisors must, therefore, find engaging ways to stay connected and provide ongoing value to their clients the other 363 days of the year, especially given all of our current market disruptions.

To deliver these experiences at scale, forward-thinking financial services organizations are leveraging secure enterprise video technology. Personalized asynchronous videos are one way that wealth managers can provide unique customer insights in a format that’s just as engaging as an in-person meeting—but far more frequent.

Loyalty Equals Personalization Plus Frequency

Consumers have grown accustomed to deeper, more nuanced digital services like multichannel access, seamless integration and “segment-of-one” targeting. According to a 2021 Harvard Business Review survey, 64% of finserv respondents said improving the customer experience was a top-five business priority for the year ahead.

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However, simply providing the technology that consumers crave isn’t enough; business customers want personalized analysis, insights and suggestions that actually make their data useful. They want a wealth manager who anticipates their needs before they even pick up the phone or open an app. This personalization results in deeper customer relationships and, ultimately, loyalty.

Today’s wealth managers need to shift effortlessly between one-to-many and one-to-one communication. Financial services customers typically expect a high level of face-to-face interaction at the beginning of a relationship with their wealth manager. As they progress through the customer journey, they become more comfortable with digital touchpoints like automated onboarding and email communications. However, they shift back to a desire for personalized messaging during notable moments like periods of high market volatility or major life events.

In short, loyalty is achieved through a combination of personalization and frequency. As HBR put it: “Wealth managers need to anticipate potential obstacles or shortfalls … and invest in the technologies that enable them to pivot seamlessly from personal to automated interactions and back again.”

Rather than coordinating multiple schedules to arrange an in-person or virtual meeting, wealth advisors can deliver this experience at scale by creating repeatable personalized asynchronous videos that provide tailored insights for customers to consume on their own time.

Turning Data Into Personalized Videos

Fortunately, financial organizations are sitting on piles of pertinent information like investment history, customer journeys, performance metrics and financial forecasting. Unfortunately, most institutions haven’t yet found a way to connect the dots between this data and the customer experiences they provide.

As video continues to rise in consumer popularity due to social media apps and business popularity due to increased remote and hybrid work, organizations are expanding their video use cases. Personalized asynchronous videos, for instance, can enable wealth advisors to deliver highly individualized content at scale.

By putting a human face on your messaging, you can establish a deeper emotional connection, which is challenging to achieve via other digital communication methods, like email or chat. For wealth advisors, these can be short videos related to a customer’s specific circumstances (“Hey Paloma, this is Brianna with ABC Advisors. Congratulations on your upcoming retirement! Here are a few investing tips to consider as you prepare.”).

Personalized asynchronous videos can even blend short personal messages customized to a unique client’s needs with general content to maximize scale while maintaining brand standards. Simply leverage existing video content such as demos of new products or services, webinar clips, trend forecasts and how-to videos. Then add a personal message to a client before and after the broad messaging. For example:

• Personalized intro: “Hey Lee, this is Brianna with ABC Advisors. I remember you saying…”

• Market insights webinar clip: “In the next 60 days, our data is showing that we should expect the following market shifts…”

• Personalized outro: “I hope this is helpful, Lee, and I’m happy to connect more on this.”

Gaining Buy-In While Maintaining Compliance

It can be challenging for organizations, especially large enterprises, to shift communications strategies. Successful deployment of personalized asynchronous videos often requires a culture shift. For wealth advisors to adopt this communication method, financial institutions need to embrace asynchronous messaging both internally and externally. Executive leaders should develop clear processes and guidelines for its usage. Consider replacing certain meetings with asynchronous personalized videos, which can not only embed the practice into your culture but can also enable distributed teams working across different locations and time zones to work smarter.

Of course, financial institutions must be highly cognizant of security and compliance requirements, which can pose a challenge to scaling video across the organization. Most external videos that finance organizations create require a strict script and deliverable reviews (i.e., more human time). Finserv companies would be wise to strategically roll out video technology one step at a time. Start by creating video content with lower compliance hurdles—like general market news, thought leadership and “meet the team” introductions—and avoid discussing highly sensitive trade information. These low-hanging fruit opportunities can be used alone or paired with personalized video messages, as outlined above. Over time, your organization can optimize its video workflows, reducing time to market and preparing you to securely leverage video for more confidential use cases.

Financial institutions have never had more access to customer data, but they need to make that data actionable and personalized to build trust with customers in an increasingly virtual world. Personalized asynchronous videos can allow wealth managers to deliver these insights through engaging digital experiences that help them build more authentic, transparent relationships with their customers.


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