In the realm of wealth management, client letters are pivotal. Items such as welcome letters, account change, and other regulatory notices are more than informational—they connect firms with their clients, embodying the firm's attention to detail and commitment to client satisfaction.
The challenge lies in personalizing the many types of client letters while also ensuring they are compliant and aligned with the brand’s ethos. This task becomes increasingly daunting with the need for frequent updates and oversight.
“Frustrating for those with responsibility for client letters, changes can be surprisingly slow,” notes Ernie Carducci, BetaNXT Head of Client Communications. “With an inefficient solution, even small content changes can result in time-consuming and costly development, change management, and production processes,” he adds.
Unpacking the Challenges
The intricacies of managing client letters come with their own set of challenges, often amplifying the difficulty of maintaining an efficient, responsive, and compliant letters strategy. They include:
- High costs: The process of making changes involves numerous stakeholders and processes, ramping up labor, technology, and opportunity costs.
- Rigidity of systems: Traditional high-volume composition systems, designed with batch print standards in mind, often lack the flexibility needed for swift updates.
- Dependency on third parties: Reliance on IT departments or external vendors for content updates introduces bottlenecks, delaying critical communications.
- Time constraints: The sluggish pace of implementing changes can jeopardize regulatory compliance and the organization’s ability to adapt to market shifts.
- Inadequate process management: A lack of holistic content oversight, standardization tools, and common governance models hampers efficient content authoring and management.
- Risk of errors: Complex and multifaceted processes increase the likelihood of errors, leading to potential reputational, legal, or regulatory repercussions.
Letters Express: A Paradigm Shift in Client Letters
BetaNXT’s Letters Express addresses the pain points experienced by client communications professionals. This new self-service solution combines robust, configurable software and extensive experience in communications fulfillment to empower wealth management firms to directly manage content, with our expert support. From design and publishing to fulfillment, tracking, and document access, the entire communications lifecycle is directly at your fingertips.
- User-Friendly Interface: An easily accessible, online self-service tool empowers business users to author templates and manage content effortlessly.
- Standardized Templates: Easily create and maintain standardized letter templates and content definitions.
- Efficient Workflows: Automated workflows streamline review and approval processes, saving time and resources.
- Omnichannel Delivery: Reach clients through multiple channels with e-consent support.
- Compliance: Ensure compliance with 17a-4 storage and archival regulations, with multiple document retrieval and viewing options.
- Tracking and Reporting: Gain insights with detailed tracking, reporting and audit capabilities.
Letters Express stands at the forefront of transforming client letters within the wealth management sector. By addressing the core challenges head-on and offering a self-service model supplemented with expert guidance, Letters Express not only streamlines the letters process, but also elevates the quality and impact of client interactions.
