The 5 Big Takeaways from Our Annual Wealth Access Summit

Wealth Access’ signature guiding values are to Listen, Learn, then Lead. At our recent 2023 Wealth Access Summit, we did just that. We were honored to be joined by 30+ leaders from the financial and banking spaces, several of whom are on our client advisory board, who provided thoughtful insights and forward-looking solutions. 

Each participant arrived at the discussion prepared to share their experiences, challenges and successes leveraging our platform and other technology. These diverse perspectives from our clients and partners highlighted several themes that pinpoint important focus areas for driving strong engagement through technology in 2023. 

Here are the five big takeaways that came from this year’s enlightening Summit discussions. 

Unifying data across the enterprise is critical for both improving the customer experience, as well as empowering advisors to initiate meaningful conversations around each account holder’s unique financial needs. 

Capturing all customer data in a single, living dashboard simplifies the financial management process, while also providing your team with the insights they need to proactively bolster stronger customer connections. With a full understanding of the accounts already housed within the institution, there is a potential for 5x more growth. 

Sean McCabe, Principal Platform Engineer of Fifth Third Bank, said, “Being able to fully gauge each customer’s financial details without silos is vital for empowering our team to better understand their needs. The Wealth Access platform provides a unified business layer for our advisors to explore opportunities where we can improve engagement with our account holders and expand relationships.” 

By far, one of our clients’ largest strategic priorities was ensuring that core conversions are seamless and non-disruptive to the customer experience. 
 
Core conversions are extensive undertakings that require complex data shifts and often pose challenges in maintaining efficient customer access to the digital platform. Going forward, leaders within the banking space are looking for ways that their team can shift to a core that better supports the goals and vision of their institution, while also confirming that the end-user experience remains frictionless. 

“While recently conducting a core conversion, we found that the Wealth Access platform played an important role in maintaining our operations – it immediately tracked all historical data and ultimately elevated our customer experience. This has been an incredible value add to our institution. By ensuring that our data remains easily accessible to our customers, our team was able to focus on other aspects of the transition without obstacles,” said Bryant Jones, President and CEO, Sabal Trust. 
 
3. Compliance 

Another prominent takeaway was the importance of ensuring each enterprise effectively remains compliant with data rules and regulations amid tech use. Several participants noted facing challenges when sharing data disclosures across multiple businesses (e.g., broker-dealer, trust, private bank, RIA, etc.). To address this issue, several bank leaders are working to establish unified disclosures that compile the comprehensive information customers need to know from each business line. 

Consumers today are increasingly concerned about how their data is managed, and any data security breaches would be detrimental to an enterprise’s reputation. While access to unlimited data on each customer’s financial record is essential for developing stronger relationships and creating hyper-personalized experiences, it also means more opportunities for security risks. 

“Wealth Access is truly at the epicenter of financial data insights, and it’s clear they are well-positioned to manage this vital information,” said Michael Wilson, Managing Director of Wealth Management with First Citizens Bank. “Using their platform, we are confident knowing our team and our customers have easy access to the data we need at our fingertips, while also feeling secure in the platform’s prioritization of data compliance and privacy protocols.”  

4. Driving Adoption Internally and Externally

Discussions also centered on each bank’s approach to successfully increasing customer adoption of the Wealth Access platform, as well as internal use by advisors.  

What we learned from our clients is that although institution leaders understand the value and advantages of data unification, there is progress to be made in educating advisors on best practices for driving engagement through the use of the platform. By focusing on elevating advisors’ experience, institutions can spark more intuitive customer engagements and promote new growth – a true win-win-win for everyone. 

"At our firm, an issue we’re facing is aligning our advisors to fully leverage the platform to advance customer relationships,” said Paul Zietlow of Commerce Trust. “Our leadership is working to answer the question, ‘How do we better create a structure to ensure advisors know how the Wealth Access platform is structured and what it can do?’ By doing so, we hope to improve their confidence and empower stronger conversations with customers as each advisor becomes properly equipped with more information."

5. Preparing for Generational Wealth Transfer

Looking to the future many firms are preparing for the expected generational transfer of wealth. Studies show that by 2030, millennials are anticipated to inherit more than $68 trillion from their baby boomer elders – this will represent one of the largest wealth transfers in modern times. 

For banks and wealth management firms, this presents an important call to action to proactively engage with upcoming generations of clients. However, several participants spoke to significant challenges in understanding the complex relationship between data, technology and the next generation. 

“In preparing for the future, we must invest in our clients’ children. We already know what's coming, and all that’s next is ensuring we have strong relationships in place with the soon-to-be primary account holders,” said Scott Neff, President and Chief Executive Officer of Glenview Trust Company. 

Tori Phillips, Senior Manager of Digital Products & Strategy with BOK Financial said, “Individuals within my generation can receive their information from practically anywhere today. We are independent and often turn to technology to answer our questions, rather than representatives. If we were to turn to advisors, they must provide personable connections that make the relationship feel valuable. As advisors, we must balance acting as transparent counselors and practicing caution in sharing how much our data reveals about each customer, as many Millennials are wary of activity tracking.” 

If these industry takeaways resonate with the strategic priorities of your institution, we invite you to learn more about the value of unifying customer data with Wealth Access. Reach out to our team today by clicking here and someone will be in touch with you shortly.