Scaling Personalized Service Through Client Segmentation

Scaling Personal Touch Through Client Segmentation

Only 42% of firms believe they are capable of offering personalized services at scale.

- Accenture’s 2023 Wealth Management Survey

Lori Mitchell: "The word is scale. And I really think that is the challenge when it comes to credit union space. It’s we don’t have the luxury of saying we want to segment only this portion of the demographic. We have to serve every member every time.

Paul Restante: "When you try to scale a business in the financial services industry, you’re going to get to a point in time where you have too many clients. And once you have too many clients and you’re growing your practice or a program, you tend to lose that personal service and guidance."

Lori Mitchell: “We have currently 67 branches, I have 21 advisors. So how do we actually scale that personalization without it being offputting that someone has to say i don’t make enough or I don’t earn enough to actually sit down with someone so its scaling the technology behind the scenes that’s actually funneling someone over to the service that we’re providing to the members."

65% of financial firms are now teaming up with technology companies to stay competitive and scale effectively.

- 2023 PwC Global Fintech Report

Speaker: Paul Restante "So we’re going on our program through client segmentation now, we’ve created a large service center to help those individuals. What that's allowing us to do is to take our top tier clients and give them more service than we have in the past.”

Yama Jamili: “For us at BMO Investment Services, you know, we've, transitioned the the platform and the consulting services associated with the platform, the regulatory risk associated with the platform, the technology, expenses, and and risk associated with the platform to our partner, LPL, and that's allowed us to focus more on what we call our client promise, and then how we do that is going to look different for each client because they're in different places in the journey, and that's where you customize it.

Lori Mitchell: “So giving them a solution that actually integrates with the single clicks, with the integration into the next platform that they're using has been key in order for them to give them that personalized advice on demand and not have to wait and then research. They actually have it right there at their fingertips.”

Paul Restante: "The goal there is, is how do you get scale and deliver, you know, the the personal touch that that we should do in our industry, and we're getting that.”

Jerry Toney: “In today's digital world, clients expect, and really demand personal advice. LPL has been a great great partner, from a tech stack, tremendous capabilities that we've got that we can bring in, to the client interaction itself”