Importance of Client Reporting in Wealth Management

Client Reporting in Wealth Management

Wealth management continues to evolve at a lightning pace. Clients expect more at a lower cost, putting pressure on wealth management firms to deliver. Wealth management technology solutions play a crucial role in the success of any wealth management firm. One of the most important aspects of having a wealth management firm is the various reports.

Reports are sent out to clients, used for internal research and to comply with government regulations. In this article, we’ll dive into the importance of client reporting in wealth management and how you can ensure your clients are getting the best treatment possible.

Constant Reporting

First up is the importance of constant reporting. Humans are creatures of habit and when it comes to money that is no different. For those that have entrusted you with their wealth, they want to have constant communications regarding their wealth.

These communications can include a newsletter, statements or updates on portfolio adjustments. Client reporting in wealth management can be viewed as communication. While there isn’t a physical being, your firm is communicating with your valued client, and having constant reporting will build and maintain that trust.

Customization

Secondly, your client reporting needs to have an element of customization. What that means is your reports and information should be adjustable based on your client's needs. For example, a $50M client is likely going to want to see additional information than someone who has a smaller six-figure balance.

That means you’ll need to ensure your client reporting is adaptable to the situation. Nothing’s worse than telling your client no because your software is simply unable to complete the request.

Client Servicing

Lastly, client servicing will be impacted by client reporting. You’ll want to ensure your reporting software is client-centric. Meaning that all the information and layouts are designed with your clients in mind. Remember, many of these individuals may not have the financial knowledge you have. This means the information will need to be presented in an easy to read manner.

By having the information in an easy to read manner, your clients will feel empowered to ask questions and have trust in your firms.

Client reporting in wealth management is critical and can be impacted in several different ways. Also, client reporting can be internal as well, such as building a portfolio or doing research. Reports touch nearly every aspect of wealth management and without the right software in place, these processes can become difficult and tedious.

For more details, visit us at https://www.hexaviewtech.com/. If you are an investment management firm, RIA, or financial advisor and are looking for a wealth management software solution, just mail at hello@hexaviewtech.com and we'll get back to you within a few hours.