How wealth companies can bring digital joy to customers


    With the increasing adoption of technology, asset managers should be ready to keep up with client demands. As FactSet noted, some have already encountered high profile reports of platform issues, system failures, and duplicate trading errors.

    Against the backdrop of the increasing use of digital tools, more than one in three customers in EY’s survey indicated that their relationship with their asset managers has become less personal. The number was even higher for Canadian clients (42%), and even a third of clients who said they preferred advisor-led relationships said their relationships were less personal.

    However, FactSet’s findings suggest that HNW investors are largely satisfied with the use of digital tools. Four-tenths (42%), including customer segments that are often behind the curve when it comes to digital adoption, said they never encountered any weaknesses while managing their wealth online.

    Looking at the results by age, 18% of those under 35 years of age, 35% of those between 35 and 54 years of age and 52% of those over 55 years of age stated that they had no pain points. The same was true for 39% of digital phobics, 61% of digital latecomers, 48% of digital followers and 22% of early adopters.

    According to FactSet, to encourage and foster these online interactions, asset managers should focus on using their communication tools with clients. The company noted that the opportunity is particularly ripe for early adopters and younger investors. As likely digital natives, they are more open to testing the tools their managers offer, either alone or in meetings with consultants.


    Please enter your comment!
    Please enter your name here