Attracting and retaining clients / Human Expert vs ChatGPT

Dorsum has had a long history with chatbots (including an international Best of Show award from Finovate Europe 2017, as well as our internal research and development work from tender 2018-1.1.2-KFI-2018-00006, “Hungarian language recognition, comprehension and reproduction as a chatbot service on multiple platforms”), so it was only natural to check out what the latest developments in the technology bring to the table.

The following article contains an excerpt from our upcoming blog series on how to attract and retain clients in wealth management. While researching the article we were interested to check what the latest advancement in AI would say on the subject. The result was interesting enough to play a little game. We invited our community on social media to vote on which they think was written by ChatGPT and which was penned by our business development expert.

Read on to judge for yourself!

To reveal the answer, highlight the text on the bottom of the page!


ARTICLE I: Attracting and retaining clients

Attracting and retaining clients is crucial for the success and growth of a wealth management firm. A client-centric approach, combined with strong and personalized services, can help build a loyal client base. Here are a few key strategies to attract and retain clients in wealth management:

  • Offer Customized Services: Wealth management clients have unique financial goals and needs, so it’s important to offer customized services that cater to each client’s specific requirements. This can include creating tailored investment portfolios, providing comprehensive financial planning services, and offering regular reviews and updates.
  • Build Strong Relationships: Building strong and personal relationships with clients is essential in wealth management. Wealth managers should take the time to understand their clients’ financial goals and offer advice and support to help them achieve those goals. Regular communication and transparency are also important for building trust and confidence in the relationship.
  • Embrace Technology: The use of technology can help wealth managers provide more efficient and convenient services to their clients. For example, online portals, mobile apps, and automated portfolio management tools can help clients stay informed and in control of their finances.
  • Provide Educational Resources: Providing clients with educational resources such as financial literacy workshops, webinars, and educational materials can help them understand their finances better and make informed decisions. This can also help build trust and establish the wealth management firm as a trusted advisor.
  • Offer Competitive Pricing: Providing competitive pricing and transparent fee structures can help attract and retain clients. Clients want to feel confident that they are getting value for their money and that they are not paying hidden or excessive fees.
  • Maintain High Ethical Standards: Maintaining high ethical standards and acting in the best interests of clients is essential in wealth management. Clients want to feel confident that their wealth manager is acting in their best interests and that their financial information is being handled securely.

Your ultimate goal is to provide top-notch financial advice and solutions to your clients. However, keeping your clients satisfied and loyal to your services can sometimes be a challenge. Here are some strategies that can help you retain your clients and build a lasting relationship with them:

  • Communication: Regular and open communication is key in building trust with your clients. Ensure that you are accessible to them and take the time to understand their financial goals and aspirations. This way, you can develop a tailored investment strategy that aligns with their objectives.
  • Transparent Service: Being transparent in your dealings with clients is critical to retaining their trust and confidence in your services. Ensure that you explain all the fees and charges associated with your services and keep them informed of any changes in the market that could affect their investments.
  • Continuous Education: Clients value financial advisors who continuously educate and inform them on the latest trends and market insights. Offer regular seminars and workshops to your clients, or provide them with financial newsletters and other resources that can help them make informed decisions.
  • Personalization: Every client has unique financial needs, and personalizing your services to meet those needs can go a long way in retaining them. Offer customized investment solutions and be willing to adapt your approach as their financial needs change over time.
  • Flexibility: Life can be unpredictable, and clients appreciate advisors who are flexible and willing to accommodate changes in their financial situation. Offer a variety of investment options and be willing to adjust your strategy as needed to meet your clients’ evolving financial goals.
  • Consistency: Consistency is crucial in building trust with your clients. Ensure that you consistently deliver on your promises and maintain high standards of service quality.

By incorporating these strategies, wealth management firms can build a loyal and satisfied client base. A strong and satisfied client base can help drive growth and success for the firm and help it to stand out from its competitors.


ARTICLE II: Attracting and retaining clients

Keeping existing clients should be a top priority for advisors and wealth managers. Not only do they comprise their core account portfolio, but they can also be a valuable source of referrals to generate new business. Nasdaq reports that “70 percent of millionaires are likely to refer other wealthy investors to their primary advisor”. This also works the other way, meaning that if the relationship with a client is not fostered properly, they might be inclined to switch to a referred advisor.

Why do clients leave?

Some obvious answers to the above question would be that, for example, they are looking for better investment performance, or are dissatisfied with the quality of advice, or are simply looking for a broader or different range of products. These are problems that have always been at the back of every advisor’s mind. But what are some less obvious or more recent issues that can be addressed through innovation?

One of the most recent and prevalent problems affecting client retention is digitalization. We are used to a rich digital experience in many aspects of our lives owing to big tech companies such as Google or Apple. We use streaming services for entertainment, mobility apps to get around, order food on our smartphones and do our daily banking online. Modern investors demand similar experience from their wealth managers. According to a 2021 survey of 2,325 investors conducted by ThoughtLab, 34% of investors who switched providers over the last year did so for a better digital experience and 44% of clients that were dissatisfied with their current digital experience are frustrated that they could not view all their investments in one place.

Many would think that mainly young and mass market investors want digital, but according to ThoughtLab’s survey, “channel preferences are largely the same for millennials and the oldest and richest investors.”

Another myth brought up in the report is that the majority of millennials prefer to do things using digital channels exclusively. However, according to their findings, “34% of millennials interact with primary wealth providers through face-to-face meetings and 46% prefer face-to-face interaction in the future.”

Communication is just as important when we want to maintain a healthy relationship with our clients. In fact, Nasdaq reports that, based on a study by The Spectrem Group, “investors with more than $1 million in investments said they’ve left advisors because of the following reasons: 

  • 61 percent left because their advisor didn’t promptly return phone calls
  • 53 percent left because the advisor wasn’t proactive enough about reaching out to the client
  • 46 percent left because the advisor didn’t return emails in a timely manner”

Proactive and frequent client outreach and contact in general is therefore invaluable to keep clients satisfied with the service they receive while also avoiding going overboard and coming off as pushy. The best way to reveal a client’s preferences on communication is by simply asking about them as early as contracting. Preferences can also shift as the scope of a mandate changes so it cannot hurt to revisit them from time to time.

In addition to frequent and valuable communication, wealth management clients also expect personalized services tailored to their needs. After all, most consumers have grown to expect a degree of personalization in most aspects of their lives. This should not come as a surprise in an age where products and services — everything from car trims to online marketplaces to browser ads — are customized, fine-tuned, and targeted using advanced marketing, sophisticated data technologies and automation. In wealth management, however, these expectations are further amplified, as traditional, boutique wealth management and advisory services have a history of being built around the client and tailored to their specific wishes and financial situation.


So, what do you think? Which one was written by whom? Highlight the text below to find out, and stayed tuned for our entire blog series on attracting and retaining clients, coming soon.

Yup, we’re sure you’ve guessed that ARTICLE I was written by ChatGPT. AI is fantastic, but for the moment, we are confident that humans still have the advantage. 🙂 


Project 2018-1.1.2-KFI-2018-00006 has been realised with the support of the Ministery of Innovation and Technology’s Research and Innovation Fund, through the 2018-1.1.2-KFI tender programme.

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