Financial services firms are at a crossroads. Consumer expectations are evolving rapidly, demanding a blend of personalized advice, comprehensive products, and seamless digital experiences. Yet, a mere 15% of consumers feel their financial service providers have met their standards.¹ It’s clear the industry needs to redefine its sales approach.

Leveraging our deep understanding of the financial services industry, gained from working with banks, wealth management firms, and insurance companies, SigFig offers a unique, cross-industry perspective. We recognize the shared challenges these diverse firms face in adapting to evolving client expectations and incorporating new technology into their processes. Our technology-driven solutions empower advisors across different sectors to deliver personalized advice, streamline operations, and ultimately foster stronger client relationships.

The Challenges Facing Financial Firms

• High Advisor Failure Rate: Many firms can struggle with onboarding and retaining new advisors, leading to inconsistencies in service and lost opportunities.
• Underserved Clients: A growing number of mass affluent and affluent clients feel neglected, primarily due to the lack of digital and hybrid advice solutions.²
• Inefficient Use of Advisor Time: Advisors spend a staggering 60% of their time on non-client-facing tasks,³ hindering their ability to build relationships and drive growth.
• Scale with the Right Tech: Technology is a powerful enhancer, not a replacement for human expertise. Success will come from empowering your sales team, giving them the tools and confidence to deliver personalized advice within your firm’s guidelines. It doesn’t matter if advisors are seasoned pros or new to the game – the right tech can help them shine. 

Consumer Expectations Are Changing

Today’s clients want:

• Proactive Personal Advice: They seek tailored financial guidance that anticipates their needs, not just reacts to them, but let’s face it – it’s not easy to deliver this at scale, especially when so much time is spent on non-revenue tasks.
• Hybrid Advice Delivery Model: 72% of clients prefer a blend of human and digital experiences,³ with 55% favoring virtual meetings with advisors.⁴ Offering the right mix and utilizing digital tools (and that integrate with your current technology) can enhance the client experience and drive consistent business results.
• Collaborative Meetings: Move beyond traditional verbal interactions to allow advisors and clients to engage with interactive modules, share information seamlessly, and co-create personalized financial plans. This enhances the client experience and provides the firm with greater control and consistency in its sales process.
• AI Adoption: Both clients and advisors are eager to explore ways to activate AI to customize client engagement and improve the investor experience⁵ – creating efficiencies by streamlining execution and improving data capture.

Technology-Driven Approach Dedicated to Empowering Advisors

SigFig isn’t just another technology vendor; we’re a strategic partner to financial institutions, committed to understanding their unique needs and co-creating solutions. Our software tackles the core challenges firms are facing, enabling them to:

• Create Scalable, Repeatable Growth: SigFig’s Engage platform enables consistent sales processes across all channels, empowering advisors with standardized workflows and client-centric tools.
• Optimize Existing Systems: Engage seamlessly integrates with existing CRM and core banking systems, maximizing the value of your current technology investments.
• Deliver Proactive, Personalized Advice: We enable advisors to provide tailored recommendations and proactive outreach at scale, going beyond portfolio management to facilitate collaboration throughout the relationship.
• Leverage AI to Empower Advisors: We harness the power of AI to analyze client conversations, surface relevant insights, and automate tasks, freeing up advisors to focus on relationship building.

Designing the Future of Financial Advice

The right technology isn’t just a tool; it’s a transformative force in the financial advisory landscape. By embracing platforms like SigFig Engage and SigFig Digital Advice Pro, advisors can break free from limitations, streamline operations, and truly focus on what matters most – cultivating deep, meaningful relationships with their clients. This isn’t just about the future of wealth management; it’s about unlocking a more fulfilling, effective, and prosperous experience for both advisors and those they serve.

If you’re ready to explore how SigFig can help your firm redefine its sales process and achieve better business outcomes, we invite you to contact us. 

We look forward to partnering with you in the next phase of digital transformation.

¹Forrester Consulting: Personalization At Scale, Jan 2023.

² Capgemini World Wealth Report, Wealth Management, Top Trends 2024

³ Kitces Financial Planning Survey, 2020

⁴ EY Global Wealth Research Report 2023

⁵ FA Magazine, Nearly Half Of Advisors Say They Want To Use AI, 2024

The post Redefining the Sales Process: How Technology Empowers Advisors to Deliver Personalized Advice at Scale appeared first on SigFig.

The wealth management industry is at a crossroads. Traditional growth strategies are changing in the face of evolving client expectations and the rapid advancement of digital technologies. To thrive in this new era, banks and wealth management firms must embrace innovation and adapt their approach to client engagement.

The Rise of Digital-First Clients

Today’s consumers, particularly in the US, increasingly rely on digital channels for their financial needs. They expect seamless, personalized experiences that cater to their individual goals and preferences. This shift in behavior presents a unique opportunity for firms to expand their reach and capture new assets under management (AUM).

Leveraging Technology to Enhance Client Relationships

Technology is not just a tool for efficiency; it’s a catalyst for building stronger client relationships. By incorporating innovative solutions into their wealth management practices, firms can deliver a more compelling value proposition and drive sustainable growth.

• Needs Discovery: Empower advisors to gain a deeper understanding of client needs and aspirations, enabling them to provide more targeted advice and solutions.
• Portfolio Comparison: Help clients visualize the potential benefits of different investment strategies, facilitating informed decision-making.
• Retirement Planning: Guide clients towards their financial future with personalized retirement projections and actionable recommendations.
• Intergenerational Wealth Transfer: Foster connections with the next generation of clients, while helping provide a smooth transition of wealth and a lasting relationship with the firm.
• Personalized Offers: Deliver targeted incentives that resonate with individual client preferences, encouraging asset consolidation and deeper engagement.
• Retirement Rollovers: Streamline the rollover process, reducing friction and enhancing the client experience.
• Automated Onboarding: Simplify the onboarding process, freeing up advisors to focus on building relationships and delivering personalized advice.

Integrated Client Journeys: The Path to Growth

At SigFig, we believe in the power of integrated client journeys. By combining rich content experiences with seamless technology solutions, we empower advisors to effectively engage both prospects and existing clients. Our approach is designed to nurture relationships, drive asset consolidation, and unlock new growth opportunities for your firm.

Unlocking Your Firm’s Potential

The next phase of digital transformation of wealth management is not just a trend; it’s a necessity. By focusing on technology that enables better client-centricity that integrates into your current process and tech stack, your firm can thrive in this evolving landscape.

If you’re ready to explore how SigFig can help you achieve your growth goals, we invite you to contact us for a personalized consultation. Together, we can navigate the future of wealth management and deliver exceptional value.

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Empower Financial Advisors to Deliver Personalized Advice and Exceptional Client Experiences

Gain valuable insights and strategies to create consistent, improved client experiences and empower your financial advisors to deliver personalized advice efficiently.

Join Us

In this webinar, you will:​

• Gain insights into the challenges faced by enterprises, advisors, and clients in the rapidly evolving wealth management landscape
• Understand the importance of balancing human expertise with digital solutions to optimize the client experience and advisor productivity
• Discover innovative approaches to creating consistent and improved client experiences across your organization
• Learn how to empower your financial advisors with the tools and resources they need to deliver personalized advice efficiently
• Explore the latest technologies and best practices for streamlining advice delivery and enhancing client engagement

Our expert speakers:​

Mike Sha

Co-Founder and CEO of SigFig, a leading innovator in wealth management technology solutions

Blair Morais​

Head of Strategic Partnerships and Sales, with extensive experience in driving digital transformation in the financial services industry

The next phase in digital banking is scalable personalization. And that calls for real people.

Tech-assisted advice, particularly goal-based personalization, can significantly increase client account balances. The combination of automation + software + financial advisors can redefine the sales process, increase client satisfaction, and drive growth. Read more.

Unlock the secrets to growth

Watch the replay from Stop Recycling Growth Strategies, Start Innovating webinar, packed with actionable insights for wealth management professionals looking to innovate and thrive in the digital age. Watch now.

The post Redefining the Sales Process: Blending Human Expertise with Digital Superpowers appeared first on SigFig.

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Blaze new trails and embrace cutting-edge strategies to drive growth.

Join us for a four part webinar series that discusses the next phase of digital transformation, uncovering the right strategies to drive revenue growth and rethinking business models to incorporate technology to better support the advisor and client experiences.

Join Us

Webinar #1: Thursday, June 6, 2024 — 11:00 AM PT

Stop Recycling Growth Strategies, Start Innovating: How AI and Tech Can Help You Break the Mold and Capture New Assets to expand Wallet Share

In the first webinar in the series, we’ll take a deep dive into the transformative potential of AI and tech in the wealth management industry.

By the end of this session, you’ll be equipped with a roadmap for trailblazing new paths to success and have a clear understanding of how to harness the power of AI and tech to attract new assets and expand wallet share.

We’ll share growth opportunities that:

Deliver personalized recommendations throughout the client journey that builds trust and achieves outcomes.

Showcase real-world examples of how forward-thinking firms are leveraging tools to drive asset capture and meet customers where they’re at.

Elevate client interactions and alleviate common points of friction during onboarding, funding, and servicing.

Position your firm as a leader in the digital age.

Mike Sha

CEO & CO-FOUNDER

Diana Lee

Head of Product 

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Artificial intelligence (AI) plays a unique role in making Engage a game-changer. The platform uses AI to observe and analyze conversations during client-advisor meetings, surfacing relevant content and information that advisors can seamlessly incorporate into their discussions in real-time. From paperwork to account data mapping, these AI-driven features significantly enhance the advisor-client interaction.

• Workflow Simplification: One of the core features of Engage is its ability to simplify complex workflows. Tasks like paperwork, account opening, onboarding, and financial planning can be streamlined and made more efficient. By harnessing the power of AI, Engage assists advisors in automating and optimizing these essential processes, reducing the time and effort required to complete them.

• Automated Meeting Summaries: One of the standout features of Engage is its ability to generate automated meeting summaries. After recording a client meeting in real time, Engage can analyze and transcribe the conversation. It then synthesizes the most critical points and prepares automated meeting notes and summaries for the advisor. This eliminates the need for advisors to manually document complex conversations, saving valuable time.

• Structured Data Extraction: Engage’s AI capabilities extend to structured data extraction. During client meetings, when structured information is shared, such as personal details or financial data, Engage automatically extracts and stores this data in a structured manner. This ensures that valuable client information is readily available for use across different systems within the financial institution.

Mike acknowledges that while some firms embrace cutting-edge technology as early adopters, many others prefer fully baked solutions. Engage offers a low-risk approach to adopting AI in the financial services sector. It focuses on augmenting human capabilities, reducing the potential for errors and ensuring a seamless client experience. As the financial industry continues to evolve, SigFig’s strategic approach positions Engage as a vital tool for advisors looking to enhance their services and streamline operations.

This blog post is the last installment of our 3-part series summarizing our Wealth Tech Today feature.  The other two blog posts in the series are The Expanding Horizons of AI in Wealth Management: Insights from SigFig and Early Adopters vs. Pragmatists: Navigating the AI Landscape in Financial Services.

All content presented herein and discussed in any referenced or linked materials is provided for informational purposes only and is not intended to provide any tax or legal advice or the basis for any financial decisions. Information presented is believed to be from reliable sources, but we make no representations as to its accuracy or completeness. Opinions expressed are those of the individuals presenting them and are subject to change, and not necessarily those of Nvest, Inc. or SigFig Wealth Management, LLC. Hyperlinks are provided as a convenience. We disclaim any responsibility for information, services or products found on linked websites. 

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Early Adopters vs. Pragmatists:

In the realm of AI adoption, a distinct divide emerges between early adopters and pragmatists. Early adopters are organizations that eagerly embrace cutting-edge technologies, often serving as the first testers of new products and solutions. These firms are typically driven by innovation and the desire to gain a competitive edge by implementing the latest AI advancements.

Conversely, pragmatists in the financial services industry approach technology adoption with caution. They prioritize reliability, security, stability, and compliance. Pragmatists are reluctant to jump into new technologies without assurance that they are fully developed, secure, and compliant with regulatory requirements. These firms want to avoid any potential pitfalls associated with unproven technology.

Balancing Innovation with Pragmatism:

Mike and Craig agree that while some early adopters enthusiastically embrace AI innovations, many financial institutions prefer a more measured approach. Pragmatic firms often seek “low-hanging fruit” opportunities—areas where AI can bring immediate benefits without triggering regulatory or compliance concerns.  The conversation highlights two primary approaches to AI adoption:

• Augmentation of Human Capabilities:  This approach focuses on using AI to augment and enhance the abilities of human employees. It involves technologies that work alongside humans, offering suggestions and support without replacing them. Augmentation is seen as a low-risk strategy because it keeps human oversight in place, reducing the potential for errors and unexpected outcomes.

• Automation of Manual Processes: Another approach is to use AI to automate manual processes and tasks, reducing the need for human intervention. This approach can lead to significant efficiency gains by eliminating time-consuming manual tasks. However, it may carry higher regulatory and compliance risks, as automation can result in the potential for errors.

Statistical Models vs. Computational Models:

Another key consideration is the type of AI model used. AI models can be broadly categorized into two types: statistical models and computational models.

• Statistical Models: These models analyze large datasets to predict likely outcomes based on historical patterns. They are well-suited for applications where there is no right or wrong answer but rather more or less effective strategies. Examples include marketing optimization and fraud analysis.

• Computational Models: Computational models aim to provide definitive answers and are considered more risk-prone. They are based on the assumption that there is a right and wrong answer. Implementing computational models for tasks like providing financial advice carries higher regulatory risks.

The dynamics between early adopters and pragmatists in the financial services industry play a crucial role in shaping the AI landscape. While early adopters drive innovation and explore new horizons, pragmatists prioritize stability, security, and regulatory compliance. Striking the right balance between these two approaches is key to achieving AI success in the wealth management arena. By identifying low-risk opportunities for AI adoption and carefully considering the type of AI models used, financial institutions can navigate the evolving AI landscape while mitigating potential risks and ensuring a thoughtful future for the industry.

This blog post is the second installment of our 3-part series summarizing our WealthTech Today feature. You can find the first blog, The Expanding Horizons of AI in Wealth Management: Insights from SigFig, here.  

All content presented herein and discussed in any referenced or linked materials is provided for informational purposes only and is not intended to provide any tax or legal advice or the basis for any financial decisions. Information presented is believed to be from reliable sources, but we make no representations as to its accuracy or completeness. Opinions expressed are those of the individuals presenting them and are subject to change, and not necessarily those of Nvest, Inc. or SigFig Wealth Management, LLC. Hyperlinks are provided as a convenience. We disclaim any responsibility for information, services or products found on linked websites. 

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Understanding the AI Landscape

Before diving into the specifics of SigFig’s AI integration, Mike Sha made it clear that AI is not just about ChatGPT, conversational interfaces, and large language models that often steal the media spotlight. AI encompasses a wide array of technologies, including natural language processing, decision support systems, neural networks, and more.

While conversational AI has its merits, it’s essential to recognize that AI’s impact on wealth management extends far beyond chatbots and language processing. SigFig acknowledges that the deployment and development of AI in wealth management will involve a broader universe of underlying technologies.

AI’s Role in Wealth Management

SigFig identifies three major themes where AI is poised to make a significant impact on wealth management:

• Augmenting Human Capabilities: Rather than replacing jobs, AI aims to enhance the capabilities of human advisors and providers. It assists them in making more informed decisions, offering personalized recommendations, and improving overall client interactions.

• Automation for Efficiency: AI can automate various aspects of wealth management, leading to increased efficiency and scalability. This automation streamlines processes, reduces manual work, and lowers costs.

• Enhancing Client Experience: The ultimate goal of AI in wealth management is to improve the client experience. By leveraging AI, financial institutions can provide clients with better services, more personalized advice, and a seamless experience.

AI Technology in Wealth Management

SigFig emphasizes the importance of using AI to enhance decision-making systems in wealth management. Several key areas where we agree that AI can make a significant impact include:

• Expert Systems: These systems use AI to improve decision-making processes. In the investment space, AI can assist in providing optimal financial planning and offering suitable recommendations.

• Machine Learning and Neural Networks: AI-driven machine learning and neural networks can optimize portfolio rebalancing, conduct principal reviews, and deliver algorithmic financial advice.

• Automated Data Extraction: AI plays a crucial role in automating data extraction and analysis, particularly in handling the extensive paperwork involved in wealth management. This helps advisors and clients alike by simplifying workflows and reducing the burden of paperwork.

In conclusion, SigFig recognizes that AI is a transformative force in the wealth management industry. Rather than being confined to chatbots and conversational AI, AI’s potential extends to a wide range of applications that enhance decision-making, automate processes, and elevate the client experience. SigFig is intent on harnessing the power of AI to drive positive change in the world of wealth management, ultimately benefiting both advisors and their clients. To hear the podcast or full transcript, please visit our feature in Wealth Tech Today. 

All content presented herein and discussed in any referenced or linked materials is provided for informational purposes only and is not intended to provide any tax or legal advice or the basis for any financial decisions. Information presented is believed to be from reliable sources, but we make no representations as to its accuracy or completeness. Opinions expressed are those of the individuals presenting them and are subject to change, and not necessarily those of Nvest, Inc. or SigFig Wealth Management, LLC. Hyperlinks are provided as a convenience. We disclaim any responsibility for information, services or products found on linked websites.

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