The Future of Wealth Management


The incoming huge transfer in wealth from the aging generation to the younger baby boomers is inevitable, and this trend is slowly transforming the entire legacy planning industry. New investors are needed in the midst of data explosion and the rise of online generations and robo-advisors. Face-to-face meetings are slowly sinking, and communication via digital platforms is significantly emerging.


In the future, wealth management companies must cater to the demand for a better banking system. This transformation must be executed without leaving the older customers behind. In a study made about the evolving banking experience, key findings were seen on how clients and advisors communicate, how they adapt to the latest technology, and how their needs evolve along with the trends.


The Key Findings


The aforementioned study has a number of important findings that reveal something big about the future of wealth management planning. These are the following:


  • 42% of the surveyed wealth managers firmly believe that using both online and offline ways of communication is still the best.
  • 34% of the surveyed clients would like to experience either digital-only or a mix of both online and offline interaction.
  • 62% of the client respondents say that offering wealth management services digitally is generally good, but personally meeting a financial advisor is also ideal.
  • 17% of the clients express that technology is important.
  • 48% of the clients are concerned about cyber-attacks and hacking.
  • 45% of the advisors believe that giving an accurate outline and analysis of clients’ financial performance and results is one of the best ways to establish a strong trust with customers.


Furthermore, the study has also revealed that it’s a total myth to say that wealthy young investors are totally self-sufficient and that they absolutely prefer virtual communication. Although it is a fact that the younger generations of investors are comfortable with the digitization of wealth management, that does not mean they have zero interest in dealing with financial advisors face to face. Getting second options and validating their views can be best done by meeting a wealth manager through any means available.



Some other notable observations:

The study has also exposed other important manifestations.

  • Clients aged 50 and above are mostly concerned about the security of data, especially those that are fed online.
  • To understand the preferences and feelings of customers on a personal level is the key to retaining clients and building their loyalty. Despite the rapid growth of the industry, this objective remains intact.
  • 42% of the surveyed wealth managers think that legacy systems could be a problem.


In today’s financial arena, technology is the best companion of the wealth management industry to thrive and evolve for the better. However, in spite of having a digitally dependent world, client bond is never limited to using digital channels. Be it online or offline means, human relationships can be nurtured and preserved.


If you are looking for a financial advisor today, there are a lot of options around. David Barcomb is one of the most in demand wealth managers there are. You can find David Barcomb on Twitter for a fast contact.






Comments are closed.