This is the type of wealth management experience that most millennials prefer—one that gives them the flexibility to monitor their wealth independently, on their own time and using the digital solutions they prefer, while secure in the knowledge that they can reach out to their advisor for help when they require it.
In addition, since modern digital advice portals can help advisors streamline their client communications as well as their back-office functionalities, advisors don’t necessarily have to worry about being unable to properly service younger clients who may not currently have a great deal of investable assets. Modern digital technology solutions can empower advisors to proactively and seamlessly service multiple small accounts, and maintain the relationships they have with those clients, without having to hire more personnel.
Make The First Move—And Do It Today
With approximately 70 percent of RIA clients either retired or expected to retire within the next 10 years, according to a survey conducted for Schwab by Koski Research, advisors must cultivate relationships with their clients’ children in order to stay viable, and profitable, over the long term.
If they don’t invest time and resources into making and maintaining those connections, they’re going to miss out on the significant intergenerational wealth transfer taking place over the next several decades.
David Lyon is CEO and founder of Oranj, a Chicago-based provider of digital advice solutions for financial advisors.