Digital wealth management is not only restricted to the Next Gen
Offering a customer experience that appeals to both digital natives and newbies who could be older in age is the best way forward.
As wealth managers respond to the ever-changing demands of clients, they will do well to note that it is not only young investors who are turning to digital platforms for portfolio oversight. Offering a customer experience that appeals to both digital natives and newbies who could be older in age is the best way forward.
As the older generation of investors communicate with family members and even grandchildren via digital platforms, they are becoming accustomed to using technology to communicate from anywhere in the world. This older demographic is aware of the capabilities that technology affords and they indeed are ready to embrace technology features when it comes to managing their wealth more efficiently and conveniently.
Older investors are happy to use digital tools such as iPads because they are intuitive and more responsive than paper balances.
On the other end of the spectrum are the digital natives. Many of the individuals within this group seek new delivery channels for existing capabilities. These individuals are accustomed to having global access, to gain real-time feedback and co-browsing capabilities.
This rise in technology uptake and market competition can be daunting for firms that want to improve the customer experience and bring digital services to market quickly. However, wealth managers must ensure that no corners are cut.
Looking ahead, wealth management firms can improve the client experience by catering to the different investment needs and preferences of younger and older audiences. This starts with client onboarding, often the first experience in the customer journey that needs to be seamless and compliant. Getting the customer journey right there onwards is paramount.