Tim Welsh on How Digital Strategy Will Impact Client Experience and the Client Journey

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Tim Welsh is President, CEO and founder of Nexus Strategy, LLC, a leading consulting firm to the wealth management industry. Tim is frequently quoted in the wealth management media on a wide range of business management and industry topics. He is the author of a number of industry white papers, a regular columnist for RIABiz, ThinkAdvisor, and wealthmanagement.com, and is a frequent speaker at industry conferences and events.

Take away quote:
“Before you touch the software, be sure to map out your processes in excruciating detail.”

“Before you touch the software, be sure to map out your processes in excruciating detail.” -@NexusStrategy on #BecomingReferable

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Show Timeline:
05:25 How technology will not limit human contact but will impact how it is delivered.
08:54 The client/prospect journey and utilizing technology to enhance the client experience
12:01 Questions to ask yourself about your on-boarding process
15:25 Ways to use workflow automation to fundamentally change the client experience and remove friction
17:20 How you can determine which components of your workflow you should automate and the options you have available
26:58 How technology can help increase referrals

Links:
Website: http://www.nexus-strategy.com/
LinkedIn: https://www.linkedin.com/in/tim-welsh-cfp-202a934/
Twitter: @NexusStrategy

Want more?
Stephen Wershing: http://advisorchecklist.com/blog/
Julie Littlechild: http://www.absoluteengagement.com/blog

Episode Transcript:

Julie Littlechild:
Welcome to Becoming Referable, the podcast that helps you become the kind of advisor people can’t help talking about. I’m Julie Littlechild and today Steve and I are joined by Tim Welsh. Tim is the CEO and founder of Nexus Strategy, a firm that provides consulting as well as strategic marketing advice and guidance to a very wide range of firms across the wealth management industry. But, I really wanted to tap into Tim’s thinking on how digital strategy will impact client experience and the client journey. He has some great insights there.

Julie Littlechild:
We talked to Tim about how client expectations are changing, and how they’re being changed by behemoths like Amazon, but then we get really granular on how those changes impact things right down to processes such as onboarding. Tim shares some thoughts on how some firms are using technology particularly well, and where there’s room for improvement. Tim has held senior roles in this industry, and I think that in addition to all of his experience with Nexus, this gives him a really unique perspective. I know you’ll get a lot from the conversation today, and with that, let’s get straight to the discussion with Tim.

Julie Littlechild:
Hey Tim, welcome to the Becoming Referable podcast, how are you doing today?

Tim Welsh:
Fantastic. Thanks Julie for having me. Look forward to our conversation today.

Julie Littlechild:
Absolutely.

Steve Wershing:
Yeah, it’s great to have you Tim.

Julie Littlechild:
Absolutely.

Steve Wershing:
And you too, Steve. Good to see you.

Julie Littlechild:
We have an opportunity to talk at different things, so it’s great to just have a focused conversation on some of the cool work that you’ve been doing. And I want to dig into, there’s a lot of things I want to talk to you about today, but do you mind just starting with a quick introduction to the work that you’re doing these days?

Tim Welsh:
Yeah, thanks so much. Yes. Nexus Strategy is a consulting firm I founded, if you can believe it or not, about 14 years ago.

Julie Littlechild:
14 years?

Steve Wershing:
Wow.

Tim Welsh:
Yeah. That’s like a thousand in dog years, I think.

Julie Littlechild:
Well you look good.

Tim Welsh:
Appreciate it. Thank you. It’s a consulting firm that really is focused on the ecosystem that surrounds advisers. We work with a lot of the vendors who create great products, services, technology to help advisors run a better business and meet their client’s needs through a variety of different platforms, products and services. It’s really focused consulting around those aspects. As part of that, we get involved in a lot of different areas. Most likely you’ll see us in the technology arena, have a dozen clients there as well as some of the larger custodians, wealth management platforms, tamps and associations. It’s been a great journey. Before that I was at Schwab on the RA custom business and before that I was at Merrill, so both sides of the street plus a consulting chapter of my career. It’s been a fantastic journey and I’m very excited to be here today.