And while the rich value socially responsible investing, 39% expect to receive higher returns from such products, while 33% view sustainable investing as sound and less speculative. Also, 26% of the rich cite a desire to give back directly to society.

Capgemini said its survey, performed before the pandemic, revealed that investors are least satisfied about the personalized information they get from their firm. In fact, nearly a third (60%) of the wealthy reported having an unsatisfactory experience during their attempts to research information about a firm and get personalized updates about new wealth offerings when receiving educational market information.

“Given the current uncertainty, we expect the experience and satisfaction levels to have dropped further since our survey,” the report said.

More than 40% of the wealthy said good experiences at these touchpoints profoundly affect their overall impression of a firm. The proportion was higher (around 50%) for those younger than 40 who indicated that these touchpoints generate the highest “wow factor.”

While wealth managers do not rank Big Tech competition among the top potential disruptors, the rich believe that the big tech firms can outperform incumbent firms when it comes to information access and value-added services. Seventy-four percent of wealthy people indicated a willingness to consider wealth management offerings from big tech firms, jumping to 94% among the 22% of high-net-worth individuals who said they may switch their primary wealth management firm in the next 12 months.

As technology firms gains ground in the financial services space, wealth management firms have little choice but to quickly enhance digital customer engagement, the report said.

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