Ben Franklin once said, "When you're finished changing, you're finished." This quote is particularly relevant when examining the trends we are currently seeing in serving high net worth (HNW) and ultra-high net worth (UHNW) clients.
As a result of external forces like the consumerization of IT, the globalization of wealth, the work-from-home trend, and increasing data complexity, advisors for HNW and UHNW clients are adapting their business practices. Firms that cling to inefficient and manual business processes, like spreadsheets and siloed solutions, will lack the ability to scale their business, will introduce unnecessary risks, and ultimately, under-serve their clients.
Bill Pay Trends for 2023
To prepare your firm for the future, we will examine current trends and survey data to help you set your office up for success.
Rising Client Expectations
Access from Anywhere at Anytime
HNW and UHNW clients are accustomed to using technology in their everyday lives to help them communicate and work from anywhere, get answers to questions quickly, and keep an eye on all aspects of their lives — regardless of where and when they travel.
Today, clients are looking for that same experience from their business managers and family offices. They want their bills paid efficiently and securely. They also want transparency and control, and they expect to have information easily accessible on their device of choice.
This is especially true for young adults who grew up digitally native and have come to expect that banking and financial apps will easily provide information at their fingertips. As Millennials and Generation Z start to accumulate more wealth and influence, the demand for this level of service will continue to rise.
This is why AgilLink provides an intuitive mobile app. The app allows clients to easily approve invoices and review balances and recent transactions. Advisors can use the mobile app to keep things moving while they are out of the office by approving bills and reviewing coding of certain transactions.