Wealth management firms are risking losing clients to competitors, losing a chance to gain new business through client referrals and are missing opportunities to deepen relationships with existing high-net-worth investors, according to a new study by Aite Group, an independent Boston-based research and advisory firm focused on the financial services industry.
The study, based on a survey of 99 U.S.-based wealth management home offices and conducted earlier this year, looks at the companies’ attitudes toward client onboarding, the process by which firms acquire and acclimate new customers.
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