Why Clients Feel Dissatisfied Even Before They Begin, And How AI Helps You Reimagine Client Onboarding
In wealth management, first impressions aren’t made during a portfolio review—they begin during onboarding. And when that process is clunky, time-consuming, or overly manual, investors don’t wait around. According to Fenergo, 74% of firms are losing investors due to delayed and inefficient onboarding. In an age of real-time everything, client patience is running thin.
The traditional onboarding process is one of the biggest culprits. Think multiple document submissions, endless forms, repeated verifications, and long wait times. McKinsey reports that 40% of the onboarding journey is consumed just by account opening tasks. That’s time that could be spent building trust and starting the investment journey.
It’s no surprise then that the wealth management industry is turning to Artificial Intelligence (AI) to fix the onboarding friction.
Transforming the Client Onboarding Experience
AI is not just another layer of technology—it’s a catalyst for meaningful client onboarding transformation. It enables wealth management firms to automate repetitive tasks, personalize journeys, and dramatically reduce drop-off rates by delivering what today’s digital-first clients expect: speed, accuracy, and ease.
Wealth firms are now using AI to:
- Instantly capture and interpret client data
- Automate real-time KYC and ID verification
- Power seamless document upload and approval
- Offer seamless e-sign or wet sign options based on preference or regulation
- Enable multi-account onboarding with multiple owners
- Complete account funding quickly and accurately
And the results are real. Firms using AI in onboarding have reported 40–50% reduction in manual effort and a 30% cut in onboarding costs—all while delivering a faster, smoother experience.
Addressing the Core Onboarding Challenges Head-On
One of the biggest reasons for drop-offs is complexity. Wealth clients are often required to submit more than 100 pieces of data across multiple forms. Add to that fragmented systems, siloed operations, and evolving compliance regulations, and you have a recipe for onboarding fatigue.
But AI-powered digital onboarding solutions offer a way out by addressing the core challenges:
- Onboarding different client types with dynamic workflows that adapt based on entity, geography, or account structure
- Onboarding various registration types with built-in logic and compliance
- Automating decision paths through pre-built client onboarding validations, reducing delays due to manual reviews
- Integrating with CRMs, custodians, and TAMPs to ensure data flows seamlessly across the ecosystem
These capabilities eliminate repetitive back-and-forth interactions and give clients a unified, intuitive journey from first click to funded account.
Creating Onboarding Experiences That Stick
When onboarding is frictionless, clients feel it—and so do advisors. AI lets wealth managers move beyond back-office efficiencies and toward truly personalized onboarding experiences.
Guided self-service tools walk clients through every step, while conversational AI interfaces capture intent and data in real time. The result? A faster time to engagement, higher completion rates, and a more satisfied, loyal client base.
At the same time, with the automated workflows and integrated views, advisors can focus less on paperwork and more on meaningful client conversations.
AI-led Digital Onboarding Is No Longer Optional
Digital-first clients expect digital-first experiences. And with 62% of wealth executives saying their web onboarding experience needs improvement, there’s a clear gap to close.
Whether it’s helping clients fund accounts faster, simplifying KYC, or supporting bulk onboarding with shared ownership, AI is enabling wealth firms to reduce onboarding drop-offs and kickstart long-term client relationships on the right foot.
Ready to Reimagine Onboarding?
Reducing drop-off rates starts with rethinking onboarding—not as a checklist of regulatory tasks, but as a critical moment of truth in the client journey. Learn what leading wealth firms are doing to build intelligent, efficient, and client-centric onboarding frameworks.
Download our Point of View article: “AI-Driven Investor Onboarding: The First Step to a Delightful Client Journey” for deep insights, real-world stats, and a blueprint for change.
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