How can SEI Investments enhance its SEI Wealth Platform to improve client engagement and retention?

Introduction

To enhance SEI Investments' SEI Wealth Platform for improved client engagement and retention, we need to conduct a comprehensive analysis of the current product, user needs, and market dynamics. I'll approach this challenge by examining key stakeholders, identifying pain points, generating innovative solutions, and proposing metrics to measure success.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking about the primary use cases for the SEI Wealth Platform. Could you help me understand the key features and functionalities that clients use most frequently?

Why it matters: Identifies areas for improvement that will have the most impact on user experience. Expected answer: Portfolio management, financial planning tools, and client reporting are the most used features. Impact on approach: Would focus on enhancing these core functionalities for maximum engagement.

• Considering user behavior, I'm curious about cross-platform usage patterns. How do clients typically interact with the platform across different devices, and are there any notable differences in engagement levels?

Why it matters: Helps determine if we need to focus on specific device optimizations or cross-platform consistency. Expected answer: Desktop usage dominates for advisors, while clients increasingly use mobile devices for quick checks. Impact on approach: Would prioritize mobile experience improvements for clients and desktop optimizations for advisors.

• Regarding product lifecycle and company alignment, where does the SEI Wealth Platform currently stand, and what specific metrics are driving this improvement initiative?

Why it matters: Determines if we should focus on user acquisition, retention, or monetization strategies. Expected answer: Platform is in a growth phase, with a focus on increasing assets under management and client retention rates. Impact on approach: Would emphasize features that drive long-term engagement and asset growth.

• Considering external factors, how has the competitive landscape evolved recently, and what unique value propositions do our main competitors offer?

Why it matters: Identifies areas where we need to differentiate or catch up to remain competitive. Expected answer: Competitors are investing heavily in AI-driven insights and personalized client experiences. Impact on approach: Would explore innovative AI and personalization features to maintain market leadership.