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Rockall Technologies

Do your FAs have the right tools to grow the channel?

4 March 2019

FAs & RIAs already need better tools to serve their current market – how will the extra demands of a growing channel play out?

The banking and wealth management market place is undergoing fundamental change as a result of digital transformation. FinTechs like Revolut, Monzo and Stripe are changing client expectations of service delivery across the banking spectrum.  As consumers we know the difference between a truly streamlined digital experience versus traditional banking system interactions … and we know which experience we prefer. Banks do too.

While digital transformation brings efficiencies and a change of pace, it also opens up a whole new market segment.  With streamlining comes scalability, opening up previously inaccessible markets.  Enter the Mass Affluent (MA).  In our 2018 SBL Industry poll, 89% of respondents said that it is inevitable the MA segment will enter the SBL market within the next 3 years.

But how do wealth managers, brokers and FAs enable this sales channel?

“Uberizing” the wealth channel might be the goal but, so far, the search for a holistic and future-ready wealth platform has been heavily-focused on front-end activities (onboarding & execution-oriented functions).  These are partially-digitized service-focused platforms.  Banks are still faced with the challenge of leveraging them to effectively bring their products to a fully digitized customer base.

At Rockall, we have been thinking about how the broker/FA space could be reimagined as a market place for wealth products, moving away from the given linear path of advisor to bank to product set.  What about giving the RIA/FA better information about their wealth clients, including liabilities, and combining that with the power to pick products from a selection offered by multiple banks and institutions?

Presenting a dashboard that includes a client’s credit picture enables the FA to efficiently balance the client’s assets, investment strategies and optimal credit products (potentially from multiple vendors), in the process strengthening wealth protection/creation and driving associated improvements in client trust and stickiness.

An aggregated view of credit within the client’s portfolio – exposing both sides of the client balance sheet – empowers the FA to deliver and manage a more personalized and informed wealth advisory service with real impact on the bottom line.   The FA is given hooks to originate wealth lending – potentially enabling them to trigger an application in the process, streamlining the client experience and accelerating time-to-service.

In terms of wealth credit, Rockall is remaking the FA dashboard by exposing:

  • client asset information integrated with credit activity at the WM
  • a history of client activity with past alerts
  • portfolio evaluations and lendable amounts based on client profile, credit policy and concentration risk metrics
  • rapid release decisions for optimal CX
  • team-wide alert views so that OOMs can be actioned quickly and with traceability

Putting this information in the hands of the RIA/FA will accelerate and widen the wealth sales channel while delivering on the holy grail of true digital credit CX for optimal value & risk management.  The potential is also there to lead to a client self-service model.

Wealth managers can enable the sales channel by presenting a more complete view of client assets and liabilities to the FA complete with SBL lendable amounts.  This can be further enhanced by showing multiple SBL offers.  In this way, the client balance sheet can be optimized and a scalable & streamlined customer experience delivered, all while building trust and loyalty.

To learn how Rockall is enabling SBL and more at banks of all sizes, please contact us, or click here to read more.

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