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DIGITAL WEALTH MANAGEMENT THOUGHT LEADERSHIP SERIES

Get the keys wealth management firms need to win in the era of hybrid advice

For the third consecutive year, FactSet, together with Scorpio Partnership, has delved into the high net worth investor (HNWI) community to learn their vision for the wealth management industry and help our own clients navigate some of their biggest challenges. This year, our goal was to establish the digital preferences of wealthy investors when it comes to growing their assets.

In our three-part series, Digital Wealth Management: Winning Clients in the Hybrid Advice Era, we outline over a dozen tactics that can help wealth managers implement and maintain a digital strategy that delivers value and engages HNWIs, from the mass affluent to ultra-high net worth individuals (UHNWIs).

Download the Digital Wealth eBook

PART ONE: MAKING DIGITAL PAY

It is often assumed that openness to technology is something for millennials, and that the mature, often ultra-wealthy, investor is happy to leave the growing of their wealth in the hands of their advisor with once-a-year updates. Our research suggests that across the wealth scale and age groups, there are preferences towards digital, that if recognized, can mean the difference between evolving or dissolving for the wealth firm.

PART TWO: DISRUPTING ADVISORY THROUGH DESIGN

Challenger banks and robo-advisors have altered the relationship management model by offering online-only services at scale. Their use of visualization techniques has shown to add value and build trust, changing the expectations of high net worth investors. A key to remaining competitive lies in harnessing the power of design - making portfolio performance, investment, and market insight available on demand, and turning that insight into intelligence.

PART THREE: EMPOWERING CLIENT SERVICE WITH PERSONALIZATION

Today, we live in a world where sharing personal details online when searching for services and information that is relevant to us. Our research shows that high net worth investors are more aligned to this behavior when it comes to managing their wealth than the industry believes. By embracing personalization in the wealth proposition, financial advisors can become more attractive to investors, while gaining more information to better grow their clients’ wealth.