Balancing Tech and Personalisation in Wealth Management: Meeting the Expectations of New-Age Clients
The wealth management industry is facing rapid changes due to advances in technology and changing client expectations.
Wealth management firms must find a balance between technology IQ and personal touch EQ to effectively service new-age clients.
Digitalisation and automation have brought about significant changes in how wealth management firms operate. Firms need to keep up with these changes to stay competitive and meet the demands of new-age clients.
Technology IQ
This involves leveraging technology to create a more efficient and effective client experience.
This can include using automation to streamline processes and reduce errors, data analytics to identify trends and insights, and digital platforms to provide clients with access to their accounts and portfolio information.
Robo-advisory platforms are one example of how technology IQ can be implemented in wealth management. These platforms use algorithms and data analytics to provide investment advice and portfolio management, which can be more efficient and cost-effective than traditional methods.
Technology can also be used to improve the security and accessibility of client information and automate routine tasks such as account opening and portfolio rebalancing.
On the other hand,
personal touch EQ
involves creating a personalised experience for clients, which can include understanding their goals and risk tolerance and providing them with customised advice and recommendations.
This can be done through regular phone calls, email and face-to-face meetings. Building trust and maintaining open communication with clients is also crucial.
Component of Trust
Personal touch EQ is particularly important in building a long-term relationship with clients and ensuring their needs are met. Personal touch EQ can also address clients’ concerns or queries and provide them with a sense of security and reassurance.
By combining technology IQ and personal touch EQ, wealth management firms can improve the client experience, increase client satisfaction and retention, and identify new opportunities and insights.
For example, using Robo-advisory platforms to provide investment advice and having a team of human advisors available to answer questions and provide more complex advice.
This way, wealth management firms can provide a comprehensive and customised service to clients, providing the best of both worlds.
Additionally, digital platforms and data analytics enable wealth management firms to understand their client’s needs and preferences better.
This can help to improve the personalisation of advice and recommendations and create a more satisfying and successful experience for clients.
The below chart shows how in the world of robocalls advisory most of the advanced skills are uniquely human
