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How Personalised Client Reporting Has Changed Wealth Management

How Personalised Client Reporting Has Changed Wealth Management

Last Updated: ‎‎‎‎‏‏‎ ‎
January 24, 2023

For any business, customer is the king & with the rise in competition, consumers' expectations from the companies are rising. The only way to outperform the competition is by providing an exceptional customer experience. Today companies from Amazon to Facebook are focusing on providing a personalised customer experience. And because of these big giants, consumers are expecting the same level of personalisation from other businesses too.

Likewise, for wealth managers striving for a competitive edge, strong customer relations, providing better results& profitability, personalisation is the key.

With the increase in digital-savvy clients, more &more clients are demanding personalised services from wealth managers. According to WorldWealth Report 2020, 60% of high-net-worth individuals are not satisfied with their wealth manager's reporting systems.

In this article, you'll learn how a personalised client reporting system has impacted wealth management.

Meaning Of Personalised Reporting System

Client reporting is one of the most crucial functions in the financial

industry, where wealth managers need to give a timely flow of information regarding investments, market scenarios to their clients

so that they can make a decision or take advice accordingly.

Personalisation is a process of tailoring services according to the client's interests & preferences, such as income bracket, risk capacity, personal likes & dislikes, social groups, personal goals, etc.

Demand for personalisation or hyper-personalisation is increasing because of the transfer of wealth to the next generation. Clients today, especially the younger generation, want hyper-personalised services& reporting. To satisfy this segment of clients & build loyal relationships with clients, wealth managers need to adopt technology that helps in personalised reporting.

New generation clients don't just want personalised service in a traditional face-to-face approach in an office but across digital platforms too. They want to manage their portfolio online, from anywhere in the world, with clean and customised reporting (including real-time trends &data).

Establishing Personalised Reporting System For Wealth Managers

Personalised reporting is the need of the hour, but the truth is wealth managers still rely on manual paper-based or semi-automated approaches that are time-consuming, laborious & costly. This approach not only affects the client experience & quality of work but is expensive too.

Numerous wealth managers in this tech-oriented world still use paper-based reports, excel sheets, pdf, etc. Unfortunately, these reports are difficult to update because of a lot of manual work involved &couldn't show real-time trends. It becomes time-consuming both for the advisor& client.

Wealth managers need to shift the focus from the manual paper-

based & semi-automated approach to using good quality software like Canopy that helps to create hyper-personalised reports customised according to users.

These are the main areas where we believe there is the most potential for personalisation-

●       Client's risk profile- Wealth managers must understand the risk profile of their clients. Using the past trading history & analysing personal sentiments, wealth managers can identify the risk capacity of the individual, and accordingly, they can customize the reports.

●       Customised Reporting-The fluctuation in investment occurs regularly & these fluctuations in the market & changes in life can significantly impact the financial goals. Wealth managers must deliver highly customised reports according to the preference & interests of clients. Using Canopy, they can create hyper-personalised reports according to the individual client.

●       Social Preferences Of Client-ESG & ethical investing has gained a lot of popularity. Wealth managers must evaluate & analyse the social & personal preferences of clients& include securities accordingly in the portfolio.

●       Content Delivery-Wealth managers can provide targeted & relevant content in the form of articles, blog posts, videos, etc. That further helps clients to understand trends & make quality decisions accordingly.

3 Benefits Of Personalised Client Reporting For Wealth Managers

With personalisation, wealth managers can build a loyal relationship with their clients that will ultimately help to grow revenues. Here're 3 benefits of personalisation for wealth managers-

Personalised Reporting Helps In Better Analyses Of Data

Data is fuel for any business when analysed effectively. Every customer has a preferred way of looking at their investment. As a result, they like it when they get data arranged in their preferred manner. Wealth managers must personalise reports according to client preferences &interests that help in better analysis of data & arrive at a more satisfactory decision. That further helps wealth managers to build loyal relationships with clients.

Personalised Reporting Helps In Better Organisation Of Data

Management of data is very crucial for wealth managers to analyze future trends & opportunities. Personalised reporting helps wealth managers to organize their data effectively & analyze it to understand clients' investing patterns, interests, risk capacity, social preferences, upcoming trends, threats, etc. It further helps to provide better results to the clients.

Personalised Reporting Helps To Reduce Client Churning

Client churning in any business increases the cost &expenses. Wealth managers must focus on developing long-term relationships withclients & improving customer retention rates to improve profitability.

Personalised client reporting helps to improve clients 'experience, trust & loyalty. It further improves the analysis &organization of data that helps in the proper management of wealth &produces better results. All these results help in overall client satisfaction& retention.


Personalised client reporting helps in better presentation & forecasting of data according to the interest &preference of the client.

Because of the transfer of wealth to the new tech-savvy generation, demand for personalisation is significantly increasing. More &more clients are expecting personalisation from their wealth managers.

Using SAAS tools like Canopy can help wealth managers set up hyper-personalised reporting systems with proper forecasting &presentation of data. Such reports help clients arrive at more satisfactory decisions with proper analysis.

Personalisation helps wealth managers to establish a competitive edge by building good relationships with customers. It further helps in increasing profitability & client retention.