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FTSE 100 wealth advisory firm: building a leading client onboarding experience

Our team was engaged by a FTSE 100 wealth advisory firm to design and build a market-leading client onboarding experience. Using our end-to-end digital capabilities, we analysed existing customer journeys and identified pain points before redesigning, testing, iterating and building new processes to improve our client’s customer satisfaction and create efficiency gains.

  • Outcome 1: Users now have a hub that houses their wealth information in one place. As personal situations alter, the information on the portal will too, by integrating with a number of third-party applications
  • Outcome 2: Our client’s wealth advisors are now able to spend more time on value adding services, such as building a relationship with their clients and managing client portfolios
  • Outcome 3: We dramatically shortened the average end-to-end client onboarding lifespan from around 60 days to < 5 days

The Challenge

Our client, a major UK wealth advisory firm, came to our wealth and asset management experts for support developing a client portal that would allow personal wealth advisors to get to know a potential client before first meeting them. The firm wanted to leverage our extensive experience building leading client experiences and customer journeys that help our clients optimise and redesign crucial components of the client and adviser lifecycles, with the purpose of attracting, onboarding and retaining more investors and their assets. 

Our client’s existing client onboarding journey took more than 60 days on average. So, the challenge was to create a more efficient client onboarding process – a task which required both reimagining key components of the customer lifecycle and delivering a streamlined and paperless web application. This new web application would allow for self-service for the client and maximise value for the advisor with regard to time saved. 

The Approach

Our team used an agile process of rapid prototyping and user testing to design and build the platform. Our approach began by developing customer personas and conducting workshops with stakeholders, working collaboratively to document our client’s current processes, pain points, systems, and actors for the client journey. This groundwork paved the way for the design of an improved future journey focused on resolving identified pain points, with priorities sequenced into a product roadmap. After defining this roadmap, we created prototypes of the future journey, validating these through customer testing with over 50 prospects. In addition, we mapped detailed user flows to shape the scope of our journey MVP. We then supported our client’s vendor selection process, evaluating over 100 vendors to meet their use case needs. Finally, we collaboratively built and tested the MVP iteratively in agile sprints. 

The Impact

We designed and tested high-fidelity prototypes of optimised journeys, ultimately delivering an MVP product that underwent rigorous testing to ensure its readiness for go-live implementation. The end deliverable provided our client with an enhanced customer and employee experience, via a phased rollout of journey improvements prioritised based on business impact. Potential clients are now able to input their wealth and/or asset management information and personal goals for opening an account with the firm. As a result, our client’s advisors are better equipped for their first meeting with potential clients, allowing more time to grow the relationship and manage their portfolio going forward. 

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Emiko Caerlewy-Smith