New report highlights how next best action technology enables wealth managers to deliver personalized advice at scale and reduce time spent on meeting prep by 40%

ForwardLane details how such technologies help to supercharge advisor productivity by leveraging existing data more effectively to create customized reports and insights for each client

NewYork/London – 14 March 2023: ForwardLane,the AI-powered decision intelligence platform, is pleased to announcethe publication of its new white paper, “NextBest Action Technologies Make One-to-One Engagement Possible”.Written in partnership with financial consulting firm, The OasisGroup, the report delves into the importance of deliveringpersonalized customer interactions, the potential consequences of notdoing so, and how wealth managers can use existing data to createcustomized client experiences at scale.

John O’Connell, CEO at The Oasis Group, explains: “People are accustomed to seeing next best action signals in their everyday lives when they interact with companies like Amazon, Starbucks, and Netflix. Leveraging artificial intelligence and machine learning for solutions such as next best action is transitioning from a desire to be like those firms to a competitive necessity. Our paper explores this necessity and how financial services, and wealth management firms can use data that they have today to start their AI &machine learning journey.”

Key takeaways from the report include:

  1. Consumers reward brands that take a personalized approach

Personalization is well-established in many sectors, such as online retail and hospitality. This report provides examples and case studies from number of industries and details how consumers are more likely to select and refer brands that provide a customized service.  

  1. Wealth managers already have the data they need to create a more personalized experience.

Wealth managers have a treasure trove of information in their CRM and financial planning systems that they can use to paint an accurate picture of a client’s situation. This report examines how by aggregating this data and using it to create data signals, for instance, whether clients are targets of an active campaign, it iseasier to surface specific insights on individual clients. As result, advisors can have more tailored conversations with customers,which are more likely to generate opportunities for success.

  1. Next best action technology helps wealth managers to deliver personalized interactions at scale.

While financial advisors can conduct their own research using client datasets to provide tailored interactions, this approach is not scalable without technology. The white paper outlines the key tasks that next best action software solutions perform to automate the evaluation of large numbers of client accounts and deliver personalized reporting on each client.

“In today’s ever-evolving market, wealth managers must strive to provide a personalized client experience if they hope to remain competitive,” states Nathan Stevenson, CEO at ForwardLane.  “Our research shows that wealth insights can significantly increase revenue with leads and existing clients, make prioritization and meeting prep easier and faster, and reduce client attrition.”