“One in ten of the affluent users of online matching service findawealthmanager.com say they currently have a wealth manager but are dissatisfied and considering alternative providers”, states a recent online CityWire article. 

One of the first complaints listed in this article is the closure of local offices without any notification whatsoever. Let’s face it, we all like to access places with ease. Nobody wants to have to trek miles to speak to their GP, dentist or wealth manager for that matter. Clients really don’t want to go out of their way to see a business provider only to find out that where their supposed office once stood is now a ‘we have moved’ sign hanging in an empty window.

Another complaint listed in this article was a high staff turnover (again with little or no communication on the matter.) After all, you don’t want to hand over large sums of your hard-earned money to just anybody. Clients want to know that someone they know and trust is looking after their financial wellbeing. It’s a bit hard to build the ‘said’ relationship if your wealth manager is constantly being replaced every couple of months. 

Number 3 on the list is the one that happens in every organisation – unanswered calls & emails. We can totally understand the frustration these clients face, after all you want to know how your portfolio investments look and you don’t necessarily want to have to send 10 emails and make 7 calls in order to find out. Nobody has that kind of time in their day. 

Another one, just like high staff turnover, is a change in ownership or in ‘fancier terms’ – mergers and acquisitions . It’s hard to know where you stand and who to trust when you a) don’t know which individual is managing your money and even harder yet when b) said wealth manager doesn’t even know who is managing him or her. 

The last and final complaint on the list is a lack of proactive client engagement. Clients feel like they have to approach their wealth managers and don’t feel that they share the same interest in keeping in touch. 

‘novastone for finance’ provides a secure messaging solution which could most certainly solve 3 out of 5 of the above listed problems. We aim to boost productivity, client engagement and above all make it much easier to communicate quick but necessary messages between client and wealth manager. 

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