Personalized Wealth Management for Financial Advisors

Wooden cubes in row with target customer symbols on each

Why Hyper-Personalization Should Be At Your Firm’s Forefront

When your clients browse social media, they’re served personalized content. When they stream movies or music, they receive personalized recommendations. When they meet with you, their wealth advisor, they inherently expect the same level of personalization–and if they don’t receive it, they may look elsewhere for someone that can provide it. Hyper-personalized wealth management isn’t the future of investing–it’s the now, and it’s the new normal.

What exactly does hyper-personalization mean for advisors? Ideally, providing value through specifically tailored guidance built on a deep understanding of clients’ capabilities, habits, values and preferences. Through this understanding, advisors and clients (as well as clients and their investments) can become better aligned and build stronger relationships built on trust.

TIFIN Wealth was created with the knowledge that most traditional investment strategies are one-size-fits-all. For too long, this outdated approach has limited wealth management firms’ understanding of investors as people–people with financial goals informed by their values and fears. Each investor is unique, and with the right software tools, we believe that advisors can offer the unique guidance and direction those investors deserve.

View on Personalization of Investment Portfolios the Next 5 Years

Source: Schwab Advisor Services, “Independent Advisor Outlook Study,” January 2022

Hyper-Personalization Benefits for Advisors

Leveraging TIFIN Wealth’s hyper-personalization features can help enhance your service offerings, earn clients’ trust, win more prospects and grow your practice for years to come. Whether you’re seeking solutions for your RIA practice or other advisory firm, TIFIN Wealth is here to help you grow.

Discover what investors want, need and dream of with AI-driven assessments that ask the right questions at the right times.
Take advantage of opportunities as they open up and go beyond clients’ expectations with fresh insights and recommendations.
Build rapport with clients and win introductions to new ones–friends, family and the next generation of investors to secure your firm’s future.
Onboard prospects more quickly with an expedited process built around simpler inputs and short, insightful assessments.

Hyper-Personalization Benefits for Wealth Managers

TIFIN Wealth enables wealth management firms to go beyond satisfying high net-worth and ultra high net worth individuals. Delight investors with deep, detailed understanding of their investing styles and values, then translate that delight to referrals and sustained growth.

Gain a competitive edge with differentiated, personalized investment management technology supported by AI and big data.
Personalize your financial services and elevate each phase, from onboarding to touch-bases to transitional discussions for the next generation of wealth.
Grow your firm with scalable technology that can be tuned to your ideal client to find likely lookalikes and qualified prospects from an ever-growing database.
Stay prepared for anything and everything with real-time insights about trends, changes and opportunities (and how they stand to impact your clients’ portfolios).

How TIFIN Wealth Enables Hyper-Personalization

More than $30 trillion will change hands as Baby Boomers transfer their wealth to Millennials–a generation for whom personalization is de facto. But as many advisors know, clients’ children tend to fire their parents’ advisors when they receive their inheritances. Demonstrating value through hyper-personalization early on is table stakes with so much value hanging in the balance.

Unfortunately, many advisors still rely on outdated legacy systems for onboarding, risk assessments and other key processes. These firms aren’t prepared to offer current and prospective clients the levels of personalization they receive virtually everywhere else by default. The consequences could involve anything from losing individual prospects to entire families.

There are more challenges ahead for advisories as Millennials start to inherit their parents’ wealth. For one thing, younger investors shy away from using advisors. Not only do they tend to fire their parents’ advisors after inheriting (more than 70%, according to a 2021 study by Cerulli) they prefer to rely on internet resources, as well as friends and family. This further cements the need for advisors to build relationships not just with clients, but with clients’ children as well.

Other challenges faced by wealth management professionals include:

Growing competition from robo advisors, who for Millennials represent attractive, low-cost alternatives to traditional advisors.
The trend of DIY (do-it-yourself) investing, made possible with an abundance of internet resources and viral/sensational trends.
Fee compression, especially as major economic events impact investors’ bottom lines and cause cascading inflation phenomena.
Lack of diversity in a field traditionally dominated by a specific ethnicity, age and gender–particularly among socially conscientious young people.

The way forward doesn’t necessarily mean expanding your services – it means deepening them with a new dimension of information only accessible through modern, AI-supported technologies. Now is the time to demonstrate real value. Not just to existing clients, but to prospective clients who expect you to know what they want, when they want it–maybe even before they know themselves.

TIFIN Wealth addresses these challenges with software solutions that emphasize personalized guidance at every step. Personalization isn’t just a feature of our tools–it’s the bottom line. TIFIN Wealth’s approach to investment personalization is built around the latest in AI technology. This is essential in a world where personalization is everywhere, yet many advisors lag behind in modernizing their services for the next generation of investors. Yesterday was the best time to implement a personalized wealth management solution–and today is the next best time.