Clients are riding the digital wave and with technology empowering them more than ever, the business model of wealth management is also evolving. From better engagement with clients to robo-advisors, here are some trends shaping the future of wealth management.
Advisors To Embrace Technology
Like how machines grow to complement human labour in the workplace, wealth managers need to understand that technology is here to aid in some of the basic, more tedious aspects of wealth management. With clients seeking readily-available information, advisors need to leverage on technology to allow for better engagement with clients.
Whether it is to gain insights to a client’s reading habits and preference, an alert to notify a client’s interest in certain promotions or even sharing relevant product opportunities, technology solutions are here to drive your promotional opportunities to clients.
For instance, iEngage is an innovative sales tool that uses content to distribute sales ideas and promotions to clients. By offering clients a relevant and engaging content feed, iEngage can potentially increase product or promotional opportunities via targeted marketing.
Tech To Simplify Wealth Management
Unless you’ve got years of expertise in wealth management, many have yet to participate in wealth management due to the lack of understanding and education of how it works, what they’re investing in, and the benefits.
This perception is changing rapidly thanks to online resources, (such as us!) which allows individuals to improve their financial literacy in a fun and non-intimidating approach.
AI To Shape Wealth Management
As we are in the thick of a digital revolution, asset managers are already implementing AI in their businesses. Turning patterns into data, AI is fast, doesn’t sleep, and makes no emotional decisions – saving wealth managers time and money. Better yet, AI can be customised to reflect a client’s level of risk aversion or risk tolerance to create a portfolio that matches.
Talk about AI, Privé Technologies had introduced a text-to-speech software that could allow banks to have a robot tell prospective investors about a product’s risks. Apart from increasing staff productivity when banks adopt chatbot services, it also provides better means to engage customers at a mass level.
As its CEO Charles Wong said in a DigFin interview: “It’s not just about decreasing costs, but increasing revenues.”