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The rise of technology has altered how we live and the speed with which we engage with one another. But how does this impact wealth management – a proposition predicated on personal service, where clients pay for solutions and advice tailored to their individual investment goals, day-to-day financial needs and attitudes to risk? PwC has surveyed over 1000 high net worth individuals and interviews with 100 client-facing relationship managers who work in wealth management firms to explore the digital opportunities that the industry is powerfully positioned to exploit.
Key messages
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- Low digital response
- Low client advocacy
- High tech appetite
- HNWIs advocate paying for expertise
- Client advocacy: why digital complacency is not an option
- Meeting client expectations for an online interface
Low digital response
Wealth management stands today as one of the least tech-literate sectors of the financial services industry, and is falling well behind non-financial services industries – a status that is threatening its survival.
Low client advocacy
This conflict within wealth management firms, combined with a client-base that feels only weak affiliation to its chosen providers, is creating a sector that’s now acutely vulnerable to digital innovation and disruption from FinTech incomers, including robo-advice services.
High tech appetite
This conflict within wealth management firms, combined with a client-base that feels only weak affiliation to its chosen providers, is creating a sector that’s now acutely vulnerable to digital innovation and disruption from FinTech incomers, including robo-advice services.
HNWIs advocate paying for expertise
The perceived value of a wealth management firm is driven by a combination of personal relationship and investment results.
Client advocacy: why digital complacency is not an option
Ignoring this state of affairs is not an option. If firms do not respond and adapt now, they are not going to survive in the medium to long term.
Meeting client expectations for an online interface
At the same time, firms need to address their digital transaction capabilities, specifically the online interface provided to clients.
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