Sergel Woldemichael, Wealth Management Analyst at GlobalData, comments, “The majority of wealth managers believe that digital services are more important to the next generation of clients than the current investor base. However, 32% of wealth managers believe it is equally important, which shows that targeting digital services exclusively at the younger demographic will be self-defeating for wealth managers.”
UK fintech company Evalue, recently launched a robo-advisor specifically for clients approaching retirement age, which allows customers to have the choice of receiving automated, hybrid, or pure face-to-face financial advice, accommodating a range of digital comfort levels. This fits with trends we have seen globally among mass affluent baby boomers and the older generations, who are increasingly using online methods when communicating with their advisors.
Despite this, every generation will welcome a good and intuitive user experience, whether it is digital or not. It is incumbent on wealth managers to provide this.
Woldemichael adds, “Wealth managers must cater to the diverse levels of digital proficiency among wealthy individuals, in order to gain engagement from all clientele and maximize business volumes.”