Top 5 areas where advice firms will invest to improve their service to meet client demands in 2022

Businessman pressing smiley face emoticon on virtual touch screen

By AdviceBridge

Uncertainty and disruption caused by Covid, changing client demands, smarter technology, and diverse client bases are all changing how advice firms do business.

On top of this, digital disruption has also accelerated over the past couple of years. And we’re already seeing signs that firms with modern digital offerings are outshining those who fail to move with the times.

Successful firms are those that are unafraid to embrace the changing technology landscape and are prepared to invest in solutions that improve their productivity and improve their client service. Not forgetting, of course, the growing appetite of clients who expect more digital solutions to help them manage their wealth.

5 key areas advice firms will continue spending their tech money

In 2022, top-performing firms are likely to continue to prioritise spending on resources to support and strengthen their digital offerings and capabilities.

These include:

  1. Digital onboarding
  2. Robotic process automation
  3. Cloud migration
  4. Cybersecurity
  5. Virtual assistant chatbots.

Digital onboarding

Capgemini’s 2019 World Wealth Report revealed that 90% of high net worth clients count service quality as the primary criteria for selecting a wealth management firm.

However, many advice firm’s onboarding experiences don’t deliver the fast, seamless, and personalised experience that clients now expect. In fact, a survey from Fenergo found that, for 28% of today’s firms, it takes more than 20 days to fully onboard a new client.

The good news is that emerging technologies streamline the entire client onboarding process, reducing onboarding time from weeks to just days.

Additionally, firms that automate compliance and screening free up an adviser’s time, enabling them to focus on client needs and offer better, more personalised advice.

Robotic process automation

A large part of improving client experience relies on robotic process automation. This automation of repetitive tasks helps to ensure that processes and operations comply with company regulations and FCA standards.

Reliable automation not only increases customer satisfaction but, thanks to faster, more efficient processes, also improves employee productivity.

Cloud migration

Cloud migration is now a top priority for dozens of companies worldwide.

A key factor for cloud growth is the significant cost savings businesses can make by minimising otherwise expensive IT structures. The cloud also provides advisers, clients, and home-workers access to financial data, anytime, anywhere.

A comprehensive, always-present view helps to streamline decision-making while clients have the 24/7 access they expect and desire.


Top wealth management firms are all too aware of the risk posed by cybercriminals and with global assets under management (AUM) projected to grow by up to 5.6% a year to US$147.4 trillion by 2025, many will continue to allocate financial resources to boost cybersecurity.

Firms are also keenly aware of the need to safeguard private client information to prevent fraud, extortion, or identity theft.

As Covid continues to cause uncertainty, clients want reassurance that their information and their money are protected.

Many firms have responded to this issue by rethinking their cybersecurity strategy. They are working to ensure that they have the right tools to detect threats and alert IT professionals promptly.

Virtual assistant chatbots

Millennial clients, currently aged between 25 and 40, love technology, and it’s this tech-savvy group who is on the horizon for wealth management firms.

This younger generation expects instant access to their financial information so they can make fast but informed decisions about their money.

If they experience issues or have questions regarding their finances, many millennials will happily turn to a virtual assistant for instant help.

Besides fulfilling client expectations, firms who successfully utilise chatbots will free up advisers’ time.

And while robots can answer general queries and concerns, advisers are free to focus on client-facing operations.

Plan for and invest in the future

While it may feel like it’s been ongoing for a while, fintech-disruption is only just beginning.

Financial advice firms can only expect these industry changes to continue as technology becomes smarter and client needs evolve.

To stay ahead, you need to make sure you too are embracing, and integrating, the right technology into your business. Ensure you deploy your technology budget to improve business efficiency and productivity. And deliver your clients the modern and seamless experience they expect.

How AdviceBridge can help

The AdviceBridge platform has been specifically developed to help financial advice firms automate their processes.

Complete automation saves you time and money, crucially freeing up more time to focus on the advice relationship. In fact, using the platform reduces the time taken to onboard a new client from between 35 and 40 hours to less than 5 hours, even if you’re already using tech solutions.

This translates into an 80% reduction in costs and a 70% increase in profit.

For clients, the illustrative interface creates greater touchpoints and helps increase familiarity and greater trust. They can access information 24/7, and you get alerts of any changes, helping you to deliver timely advice in a way that appeals across the generations you service.

Get in touch

If you want to find out how AdviceBridge can benefit your business and your clients, please get in touch. Email or call us on 020 3925 3850.