The Roadmap to Growth: Scaling for Wealth and Asset Managers

Written by: Forward Lane

We all know that there are no shortcuts to Easy Street, but a roadmap is essential for wealth and asset management professionals who want to scale business–not to mention revenue. 

‍But how do you define scaling and how do you get on the on-ramp to success? Read on for answers, insights, and the financial services equivalent to a GPS. 

Defining success.

What’s in a name? When it comes to the term “scaling,” a lot. 

While some say that scaling is simply growth, others counter that it’s an outcome of successful processes executed by the right people, while still others suggest that more volume requires greater systemization through technology. 

The answer: there is no easy answer. 

Or more accurately, no single answer for every wealth or asset management firm. There are, however, steps that enable financial professionals to grow business without growing headaches. Here are the top six.

Step 1: Lay out your roadmap.

Want to take your wealth or asset management firm further? Map out where you’re going and how you’ll get there. 

A business roadmap highlights business goals and milestones in order to bridge the gap between the Here and Now and the We’ve Made It. Depicted via timelines that call out deadlines and swimlanes which track team contributions, roadmaps come in different forms for different uses. Want a blueprint for your vision? Draft a strategic roadmap with long-term objectives and overarching themes. Early-stage company? Build a startup roadmap that accounts for the speed bumps and deadends as you work toward growth. Angling for world (or at least business) domination? Opt for a business development roadmap for rapid revenue and market-share growth in a compressed time frame. 

Whether you’re an enterprise organization looking to align stakeholders or a data manager keen on making data-informed decisions, the right roadmap will help you get There–wherever There is for your company.

Step 2: Prioritize clients.

Prioritizing tasks via a business roadmap is only half of the success equation. The other half: prioritizing clients. 

As we mentioned in this blog post, today’s financial services clients demand personalization and high-touch experiences. To effectively grow your wealth or asset management firm, you must maintain a strong focus on nurturing client relationships. Tailoring investment strategies to individual needs and maintaining open lines of communication fosters trust and loyalty, which leads to higher satisfaction–which in turn leads to more business and more frequent referrals. 

Just make sure that you’re working to retain existing customers while attracting new ones. In addition to personalizing experiences, insights, and recommendations, nurture relationships via outreach emails, educational resources, and client meetings. 

Step 3: Add talent.

Finance may be a numbers game, but it’s a people business. Make sure that your firm has the right people in place to build relationships, right along with business. 

Attracting top-tier talent with expertise in financial analysis, compliance, and client management is essential. But don’t stop there. Invest in your team–whether they’re existing employees or new hires–with continuous training and professional development that ensures that they’re at the leading edge of industry trends and regulatory changes. It’s sure to pay dividends in happy clients–and positive ROI. ‍

Step 4: Keep your eye on regulations.

With growth comes increased scrutiny from regulatory bodies. Staying up-to-date with evolving regulations–including privacy and compliance– and ensuring that your firm's practices align with industry standards will safeguard your reputation, create peace of mind, and prevent potential legal issues.

Step 5: Make strong operations standard operating procedure.

Scaling without a solid operational foundation can lead to inefficiencies and breakdowns. Create a scalable infrastructure, including IT systems, data storage, and reporting mechanisms, to support the increased demand as your client base grows. Automating repetitive tasks can free up valuable time for strategic decision-making.

Also monitor your KPIs regularly and make adjustments to your operations, strategies, and systems as needed. Use data analytics to help identify areas that require improvement and to measure the impact of your initiatives. Regularly assess your progress and make adjustments. After all, the road to success has twists and turns and keeping your eyes on the destination will help you stay on track. 

Step 6: Put the right tech in the right place.

The financial services industry moves fast. You need tech that can keep up. 

Now more than ever, technology is essential for any wealth or asset management firm that wants to scale. Technology employs automation that empowers teams to streamline operations, reduce costs, and improve accuracy. The right tech also offers AI-driven analytics that power recommendations, enhance client experiences, and improve decision-making.

Related: New US Speaker of the House Could Upset Global Markets