Growing Financial Advisory

Category: Banking, Industries.

Wealth management is facing significant disruption on two fronts – digital transformation and customer experience. To effectively succeed in this environment, understanding client’s demographics and expectations is essential. The median age of High-Net-Worth Individuals(HNWI) is skewing younger, with millennials demanding hyper-personalization, an omnichannel experience, and niche portfolios like sustainable investing.

To successfully manage these challenges, your bank can create OKRs dedicated to your organization’s financial advising and investment services. By combining the metrics below with the suggestions that follow, you can write objective and key results navigating this new wealth management environment.

The following metrics will be helpful in improving your financial advising and investment services:

  • Percentage of Private Banking Branches: This can be calculated by using the total number of branch locations managed by the bank to divide the number of branches within the retail branch network that serve private banking customers at the same point in time as a percentage.
  • New Private Banking Accounts Opened per Private Wealth Management Employee: You can find this by dividing the total amount of new private banking accounts opened by the number of Private Wealth Management employees over a certain period of time.
  • Average Account Balance of Private Banking: This can be gotten by dividing the total dollar value of all private banking accounts by the total number of private banking customers at the same point in time.

How to grow financial advisory & investment service

Financial advisors help clients prepare for the future in order to achieve their goals. However, it is important that they also plan for the future of their own businesses. Below are some strategies that will enable you to grow and succeed as a firm that offers financial advisory and investment services.

Up your information security game

In 2019, the financial services industry was among the top three industries affected by cyber-attacks. Cyber-attacks can potentially expose sensitive data and information from your institution. Therefore, it’s important to take advantage of the technologies available to protect your organization and customers. For example, building a cybersecurity defense with AI or ML will help your bank ensure that your information is safe.

Provide omni-channel offerings for seamless customer engagement

Modern high-net-worth clients own several bank accounts with investments spread across multiple products. Unfortunately, most banks are unable to provide an integrated platform to address investors’ increasingly diverse needs. By providing an omni-channel experience, banks can differentiate themselves from mainstream competitors. However, to deliver a seamless omni-channel experience, they have to ensure an effective e combination of both human and digital channels. With this, they will be able to save on resources and reduce turnaround time.

Prioritize relationships over Money

The CFA Institute recommends that you focus on building quality customer relationships over your profits. It’s important to first value the customer and their experience first, and the money that comes with it second. Genuine concern and caring for customers is always apparent.

By building customer relationships on a foundation of loyalty and attentiveness, they’re more likely to recommend your services. Satisfied customers and new referrals will help your business succeed and grow, and it should therefore be a priority.

Another way of developing good relationships is by providing hyper-personalized services, especially as HNW clients demand more value in today’s competitive wealth management. To effectively achieve this, banks need to collaborate with multiple entities including BigTechs, technology solution providers, and FinTechs, to deliver a differentiated and individualized customer experience.

Work on the firm’s branding

The FMG Institute suggests that you should not take the way the public views your firm lightly. When your social media profile and LinkedIn profile are outdated, you are sending the wrong messages to prospective clients. How can they be sure that you are up to date with modern and current trends in financial advisory and investment services when you cannot update your social media profiles?

For example, an increasing number of investors are focusing on the societal impact of their assets, giving rise to sustainable investing. With this, forward-thinking banks are looking to assimilate ESG (environmental, social, and corporate governance) into their portfolio strategies by collaborating with decision-support tool providers.


By combining metrics with the improvement suggestions listed above, you can develop an OKR to improve your organization’s focus on advising and investment services:

objective icon1Objective

David Griffin

Improve Financial Advising and Investment Service


Target Date: Annual-2023

Visibility: All Employees

key icon1Key Results

Increase New Private Banking Accounts Opened per Private Wealth Management Employee by 15%

Q2-2023img-roger-smith-assignee1decreaseNew Private Banking Account


Complete integration of transactions using wearable devices with banking systems

Q2-2023img-roger-smith-assignee1increase-iconTransactions Using Wearable Devices


Complete integration of banks with developers of loT devices and payment systems



Signing on a commercial banking customer as a wealth management client is seen as a surefire way of increasing customer loyalty and this is the KPI for KR1. Tech-savvy generation Y and Z have forced banks to adapt to the fast pace of development of information technology. Popular IoT developers are Visa, Master Card, UnionPay, PayPal and integration of the services from these developers has become mandatory to survive in the competition. KR2 and KR3 are focussed on integrating IoT with Banks seamlessly.

Ultimately, the goals of most institutions typically connect back to profitability and by procuring HNW clients and providing excellent services any institution has the opportunity to increase their revenue. For that reason, an advising and services OKR could connect with a corporate OKR pertaining to revenue or monetary success, such as “Improve Profitability” or a customer support based OKR like “Improve Overall Customer Experience.”

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