Service

Digitizing and automation | Onboarding and maintenance

Managing growth for wealth management

Daisy Tung

Daisy Tung

Partner, Advisory, C&O Financial Services, KPMG US

+1 212-954-4184

Harvinder Bhatia

Harvinder Bhatia

Principal, Advisory, Financial Services Solutions, KPMG US

+1 414-339-3811

Michael C Harper

Michael C Harper

Advisory Managing Director, Platforms, KPMG US

+1 973-912-6785

Raj Konduru

Raj Konduru

Principal, Advisory, CIO Advisory, KPMG US

+1 216-224-3920

The wealth management industry is experiencing unprecedented growth. Clients are demanding superior experience while offering lower fees – forcing the industry to connect, simplify and digitize both their operations and their technology ecosystem. Seamless client onboarding and servicing continues to be among the top priorities for many executives. It’s also the key to attracting and retaining clients and advisors.

Drivers for change

While COVID-19 has fueled investments in the wealth management space – with 10 million new brokerage accounts opened in 2020, and massive increases in discretionary accounts - one in three financial institutions continue to lose clients due to inefficient onboarding and servicing experiences, plus the inability for wealth managers to provide self-servicing capabilities to their clients.

Many wealth management organizations struggle with siloed applications and technology with little or no integrations, multiple sources of data, and the lack of an end-to-end view into onboarding. There’s also an overreliance on paper for servicing requests. The challenges of incomplete data and poor data quality are among the biggest culprits for elongating onboarding time. A well-integrated, modern, and nimble solution is needed to address the challenges.

Why low/no-code?

A comprehensive low-code platform makes it simple to build powerful enterprise solutions in far less time than traditional solutions. By working with our clients, KPMG has designed and built multiple digital client onboarding solutions on leading low/no-code platforms, resulting in more than 60 percent improvement in onboarding time, 30 percent savings in operating and technology cost, and dramatic improvement in client and financial advisor satisfaction scores.

KPMG understands that your onboarding needs are unique and require customized solutions. KPMG has extensive experience in assisting our clients with analyzing their plan sponsor client onboarding operations and technology ecosystem. We develop digital solutions that address your business needs. See how KPMG can help.