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FY19 Scorpio 300x200_Feature_image_watch Providing access to wealthy investors to manage their wealth online is no longer a nice to have, but an expectation as standard. Yet many financial advisors view digitalization as a problem to be managed rather than an opportunity to be seized. The time is now to evolve with the shift to digital in the industry, or risk being left behind.

While the core aspiration for wealth firms – to be trusted advisors to their clients – requires the human element to the relationship, our research shows that there is more to be gained from embracing new technology than foregoing it. In fact, our research uncovers 4 key digital profiles for high net worth investors across the wealth scale. By taking these profiles into account, financial advisors can uncover a new lucrative group of investors, as well as ways to improve platform efficiency and portfolio optimization for clients. 

In this first part of FactSet’s Digital Wealth Management series, discover what your investors expect from technology in their client-advisor relationship, gain advice from influencers who have used technology to successfully disrupt their respective industries, and learn the perspectives of your peers from within wealth management who are on the front-line of the shift to digital.

Our latest study shows that by harnessing technology, wealth managers can improve share of wallet and profitability by:

  • Giving existing clients compelling reason to manage more of their assets with their advisor as investors are increasingly looking to their smart phones and tablets to manage their wealth.
  • Increasing attractiveness to younger generations of wealthy investors who will be future inheritors of their family’s fortune.
  • Improving advisor efficiency by freeing up time with costly to serve clients, to focus on their ultra-high net worth book of business.

Download Part 1: Making Digital Pay, to find out the key tactics you can implement to make digital pay.