‎Transforming Wealth Management with Digital Solutions

‎Transforming Wealth Management with Digital Solutions

The New Digital Reality in Wealth Management

The wealth management industry has been traditionally slow to adopt new technologies, content with the tried and tested face-to-face interaction and customary marketing while their clients grew accustomed to digitally enabled services in countless aspects of their lives.

According to the World Wealth Report 2020, more than 60% of high-net-worth clients are dissatisfied with the degree of personalization offered to them.

In its Global Wealth 2021 Report, Boston Consulting Group (BCG), identified several friction points faced by different client groups.

“Simple-Needs” clients, for example, those with financial wealth between US$100,000 and US$3 million, are too large for retail offerings but not large enough to warrant personalized solutions from their financial advisors. Besides the lack of personalization, common complaints from this group include product complexity, lack of transparency about fees, lack of an engaging experience with long waits calling the helpline, and limited financial literacy.

But even the “New Ultras,” those between the ages of 20 and 50 who have or will have total financial wealth exceeding US$100 million, complain about the lack of personalization, a transaction- or product-driven exchange rather than an interaction-driven experience, and an exclusively human approach rather one that combines the best of human and