Attracting and retaining clients III – How to gain new clients

In the previous article of this blog series, we discussed how to retain clients in the wealth management business. In this one, however, we will focus on building effective strategies for gaining new ones, which is one of the most challenging tasks you can imagine in a competitive market. From two, sometimes overlapping perspectives (search engine and user), we’ll walk you through how to attract potential customers and make them your own eventually.

The question is: How to attract potential clients?

As we already mentioned in the previous episode,  digitalization is a key factor if you want to stay competitive and invest in your company’s future. Most people today use the internet to research and choose financial service providers, therefore, it is essential to establish a strong online presence to attract them.

We could write an entire blog series about building an online presence, so without going into too much detail, here are some basics that are worth going through. If we talk about online presence, one of the first things we need to accomplish is a good website that appeals to the visitor.

Our first recommendation is Search Engine Optimization (SEO) compliance. SEO is a process of improving the organic appearance of websites in search engines. In search engine optimization we focus on the unpaid i.e., organic search results. The engine’s ranking algorithm is based on 3 fundamentals.

  • Technical SEO – How well optimized is your website’s architecture for search engines? How effectively can the search engine index your page?
  • On-site SEO – How well is each website optimized for the current keyword, and how relevant is your content?
  • Off-site SEO – How credible is your page in the eyes of others? How many cite you as an authoritative source?

SEO’s organizing conditions and algorithms are being constantly patched and for that reason, it is worth following the latest versions if you want to be on top of the organic search results, as it is the most powerful tool for complex online marketing, mostly for its cost-effectiveness.  This may raise the question of why it is necessary to target the top position, and why it is not sufficient to target the second or third position in the hit list, or even just the first page of hits. Well, there is a reason why there is so much competition for the top spot, as it is by far the most clicked, and in fact, it has 27.6% of all clicks, according to a 2022 Backlinko study: “”. Of course, SEO compliance is just one way of drawing in online visitors. Active social media presence or advertising can also guide potential clients to your website.

How to make them stay on your website?

If we are honest, SEO compliance is a necessary but not sufficient condition if you want to be successful on the market. To be able to make a good impression, you need to put yourself in the shoes of potential clients and ask the right questions. What is important to them, and what hooks them in and makes them stay until they open an account? In terms of functionality, SEO covers the clients’ needs but there are other aspects that the algorithms simply cannot. For instance, a good design could be a deal breaker as it is the first thing that catches the visitors’ eyes. Here are some tips that can further improve your client engagement:

Design: A visually appealing website with engaging design elements such as high-quality images, videos, and interactive features can captivate the visitor’s attention and encourage them to stay longer.

Value proposition: It is a key factor to communicate your USP (Unique Selling Point) to your audience. What is the one service you provide only, or do you provide the best on the market?

Relevant and quality content: Clients are looking for relevant and quality content that provides them value. A website that offers informative and educational content on wealth management topics that address their financial concerns and interests could probably keep them engaged.

User-friendly experience: A website that offers a user-friendly experience, with fast loading times and mobile responsiveness, can create a positive impression on clients and keep them engaged.

Bonus: Chatbots: AI chatbots are increasingly popular amongst businesses and they are getting especially vast recognition from wealth managers. AI technologies have endless possibilities and several useful aspects such as resource-saving and continuous availability. If one decides to invest in such technology, one might have an edge over other competitors in the market.

How to turn prospects into clients?

And here we are! The most crucial step of all. Why do we want visitors to come to our website? Of course, we want to make them our customers.

At Dorsum we believe that online onboarding is one of the most important steps when it comes to gaining new clients. Let’s say someone found your website and got hooked by your design and functional solutions. But what can make them an official client almost immediately? Our answer is: an end-to-end onboarding process – which means that they can open an account and start investing immediately without having to go into a physical branch. This feature has numerous advantages that could give you an edge over the competition:

  • First, online onboarding can provide a secure platform for the exchange of sensitive information, such as financial data and personal identification. This can help protect clients’ privacy and prevent them from becoming victims of fraud.
  • It’s convenient for the visitors to just complete the ’paperwork’ from home as they can use biometric authentication to sign their documents
  • Also, wealth management firms can streamline the onboarding process by using digital tools to automate data collection, verification, and processing. This can save time and resources for both the client and the company, as well as reduce the risk of errors and delays.

We, Dorsum, as a financial software provider company, also realized that digital onboarding is key, so we are actively working on an onboarding process that satisfies all customer needs. It contains all the aspects for a successful process of becoming a client. From the assessment of the financial situation and investment objectives, through the suitability test to the conclusion of the contract and the portfolio funding, our system will be able to cover every little detail.

We hope you enjoyed this series and gained some valuable insight and ideas that you can use in innovating your services in the future!

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Dorsum is proud to benefit from the European Commission’s Brexit Adjusment Reserve.
Learn more about our project aimed at aligning our Wealth Management Suite to the UK market. (Hungarian content)