By Josh Book

Thinking back to middle/late march 2020 is a surreal exercise to say the least. I recall feeling excited while planning our most extensive and innovative consumer data work yet. Our efforts these past years, we felt, had put us on the cusp of a steeper growth trajectory as a data and insights provider to wealth management businesses. And then, boom. The greatest uncertainty the world had seen in a century was upon us like an unstoppable wave.

As we surveyed the landscape it was clear: there was nowhere to hide. Businesses big and small were in survival mode. While some tailwinds were obviously felt for certain stay-at-home friendly businesses, most in wealth management turned 100% focus towards operating the day to day amidst this tumult. Budgets froze, projects halted, just operate. Increased volumes towards digital services were felt by the market – a fortunate tailwind but not without complications for operations, infrastructure, not to mention customer experience. How would these firms manage a plethora of new to wealth management services tire kicking consumers? Many firms have capitalized, while others have realized there’s work to be done to compete.

SERVE, SERVE, and SERVE AGAIN….

It occurred to us that our focus needed to switch too. Away from revenue generation to finding ways to be supportive to the industry. What could we do, even if small, that could help? Since we are experts on consumer data we started there. What, in this moment of pan(dem)ic, were consumers saying, feeling, doing about their money – or perceived lack thereof? So, we paused our core data product development and launched a study about pandemic effects. We had no intention of achieving even one dollar of revenue for this work. We thought it would just help our partners and prospects. I hope it did, even if just a little. Click here to link to the report.

Other efforts like relentlessly checking in on market contacts proved insightful. How were they managing? What were we seeing? We felt as much interaction as possible was important, even if the only objective was to provide some reassurance. The world will always move on (even, if like now, it can feel like maybe we will not see a glimpse of the “normalcy” we crave) and the wealth management business will not be the same. It will be more modern. It will be more accessible. It will be different.

Modernizing is not a new idea but there are newer ways to modernize

Modernizing business models for the digital age is not a new concept only born from the pandemic. However, there has become more of an impetus to increase the pace of change, a need to re-visit and rethink strategic and product roadmaps, orient relentlessly around consumers and, above all, realize that a product launch or service is not the end of the journey. It is the beginning.

As the months wore on and we continued diligently in our mission to provide the financial services industry with the best consumer focused data and insights we began to see a shift. Eyes turned back to the future. How could the industry become the trusted “advisor” to reams of new prospects young and old, digitally savvy or luddite, wealthy or just beginning? The core premise of our business is studying people because it is the only way to evolve your products and services. It is crucial for the now but also for the future. People change. We adapt to our surroundings and that influences the changes in us all.

I saw Noah Kerner, the interesting CEO of Acorns, a brand that is particularly good at engaging millions of previously underserved people to wealth management, speak the other day and he said something that will stick with me: “We must all find ways to move past our previous threshold of possibility.” This has never been truer than today. I am so grateful to my colleagues, advisors, clients, prospects, and industry participants for playing a huge role helping navigate through this unbelievable year. I hope with all my heart that you will find ways to move past your previous thresholds of possibility in all things. Wishing everyone a wonderful and safe holiday season. Even if it looks different this year, the threshold of possibility can also be different. See you all in 2021!