Research & Thoughts

Digital Services in Wealth Management

21st century wealth management – demographic shift and digital challenge

Successful wealth managing banks – those retaining and attracting clients and building revenues – must re-position to appeal to the digitally weaned client. Your clients’ expectations are already at the next level. Is your ability to deliver?

There are still hundreds of thousands, if not millions, of clients in wealth categories spanning mass affluent to ultra-high net worth. Many of these individuals will be part of the ‘wealth transfer time bomb’. This is a widely predicted, and unprecedented, wave of client activity. It will break as the current population of entrepreneurs and other prosperous individuals transfer wealth to the generations behind them.

The recipients of this inherited wealth will be ‘digital savvy’. They will not make allowances for their bank as a ‘special case’ offering inferior digital experience with impunity. If unhappy, they can and will walk. The wealth transfer process itself will compound this pressure. Moving, or even thinking about moving money will cause clients to re-evaluate their current wealth management service. Even the longest, ‘stickiest’ relationships with trusted family wealth managers will not escape appraisal and potential termination.

The core challenge for a wealth manager in the digital age is to devise and deliver a digital relationship – via online and mobile platforms – that exceeds the expectations of the time-poor, demand-rich, ‘25 hours a day’ customer.

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