Optimizing Wealth Management with ServiceNow FSO: A Comprehensive Overview

In 2020, the worldwide wealth management market was valued at $1.25 trillion. Estimates suggest that it will expand to $3.43 trillion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.7%. The wealth management opportunity is second to none. ServiceNow reflects upon that by stating that fintechs positioning themselves to accommodate wealth management have already grown 300% in the last three to four years.

At its core, wealth management pertains to an investment advisory service that melds financial guidance and investment counseling to cater to the requirements of affluent clients. ServiceNow Financial Services Operations (FSO) helps enterprises truly transform wealth management operations. 

Leveraging ServiceNow FSO for Wealth Management

Usually, wealth management customers are critical of data usage and customer service, and understandably so. Even though wealth managers aim to address customer expectations, they struggle due to the existence of point solutions and siloed operations. Such fragmentation disables the financial institution’s ability to provide a proactive, unified, and people-centric experience. 

FSO alleviates these challenges and more by reducing bureaucratic burden and enhancing operational efficiency across the front, middle, and back offices. Here are some key features of ServiceNow FSO for wealth management:

Integrated Solutions for Enhanced Customer Service 

ServiceNow FSO offers a comprehensive platform for all the functions associated with wealth management, from portfolio management to oversight and reporting across multiple instruments: stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc. 

Moreover, it integrates fully with third-party systems to offer a seamless flow of information and data so that clients’ inquiries are effectively managed by financial advisors and are promptly resolved by their service providers.

Fostering Strong Client Relationships

ServiceNow FSO helps foster strong and lasting client relationships. The platform facilitates personalized advisory services by leveraging client data and insights to deliver tailored investment recommendations. 

Wealth managers can utilize the platform to create customized investment strategies based on client risk profiles, financial goals, and market trends. The solution’s communication tools enable timely engagement with clients, providing updates on portfolio performance, market trends, and relevant investment opportunities. 

By nurturing personalized interactions and aligning financial strategies with individual goals, the platform enhances client satisfaction and loyalty, ultimately strengthening the advisor-client relationship.

Also Read: ServiceNow FSO Analytics: Unleashing Insights for Data-Driven Decision-Making in Insurance

Simplifying and Digitizing Manual Processes

The solution excels in automating manual processes, enabling wealth management firms to streamline operations and reduce human errors. It facilitates the automation of document management, data entry, and reporting tasks. 

For instance, the platform can automate the generation of client reports, investment summaries, and performance analysis reports, saving time and ensuring accuracy. The automated workflows enhance operational efficiency by reducing manual intervention, minimizing processing delays, and freeing up wealth managers to focus on strategic tasks such as portfolio analysis and client advisory services.

At the end of the day, FSO helps transform the overall branch workflow to amplify clients’ financial wellness and ensure that their best interests are adequately addressed and preserved.

Ensuring Continuity and Resilience

FSO’s architecture is designed to ensure business continuity and resilience. The cloud-based platform offers data redundancy and secure storage, safeguarding critical client information and investment portfolios. 

In the event of disruptions or unforeseen circumstances, wealth managers can access client data and continue operations seamlessly from any location. This feature is pivotal in maintaining consistent service delivery, regardless of external challenges, and preserving client trust and satisfaction.

Client Onboarding and Client Lifecycle Management

The solution’s client onboarding and lifecycle management capabilities streamline the process of bringing new clients on board and managing their ongoing relationships. It offers customizable onboarding workflows that guide wealth managers through client document collection, identity verification, and regulatory compliance checks. 

Moreover, the platform supports ongoing client lifecycle management by providing tools to track account activity, investment preferences, and performance metrics. It assists wealth managers in maintaining up-to-date client profiles, proactively identifying opportunities for portfolio adjustments, and ensuring that clients receive tailored advice aligned with their financial objectives.

Compliance Management

In the highly regulated landscape of wealth management, compliance management is of paramount importance. ServiceNow FSO offers automated compliance checks to validate client transactions against industry regulations and internal policies. 

The platform also supports comprehensive documentation management, ensuring that all necessary compliance-related records are maintained and easily accessible. Audit trails and reporting functionalities further enhance transparency and accountability in compliance practices, mitigating potential risks and ensuring that wealth managers operate within legal boundaries.

The Xceltrait Advantage

Xceltrait’s ServiceNow FSO implementation capabilities can help wealth management firms optimize their operations and improve the customer experience in several ways:

  • Automate common manual processes, such as account opening, account maintenance, and reporting
  • Simplify rather sophisticated processes (such as complex HR inquiries and requests) to empower advisors
  • Leverage a single platform for managing all the processes and workflows, thus, improving operational efficiency
  • Ensure through and through compliance and automate the overall governance, risk, and compliance (GRC) process

Are you a wealth management firm looking to improve your efficiency, compliance, and customer service? Contact us today to learn more about how our ServiceNow expertise can help you achieve your business goals.

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