How is technology and social change driving major transformation in wealth management?

Over 2300 investors and 500 Wealth Management firms talk to ESI ThoughtLab about some of the major trends and changes that are transforming the Wealth Management sector.

The global pandemic was a watershed moment for the wealth management industry. It has accelerated the deployment of new technology to help meet the demands of remote customer engagement and home working while also impacting the way that investors consider what they need from their investment advisors. The challenge for firms in this sector is to now understand what some of these shifts mean in the medium to long-term for both their customers and their businesses.

LexisNexis Risk Solutions® has co-sponsored this fascinating piece of in-depth global research by ESI ThoughtLab to help all those in the Wealth and Asset Management sector get a much better understanding of how they need to adapt their businesses, and approach to technology innovation, if they are to meet the needs of their customers going forwards.

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Inside this report, find out why;

  • 5 in 10 investors are now making risk mitigation a top investment goal
  • 25% of investors are reporting fractured relationships with their advisors
  • Why three quarters of investor interactions will soon be through digital channels
  • A third of investors re-evaluated what they pay for their investment advisory services

Myths that have been exposed by this research include;


Myth 1:

Digital is for young, mass market investors

The study shows little difference in digital tastes. The proportion of investors preferring to use a mobile app to engage with their wealth firms is identical for the ultra rich, baby boomers, and millennials, at 89%.

Myth 2:

Millennials only want to do things digitally

Millennials, like older generations, want personal contact when investing: 46% of millennials prefer face to face meetings and 40% prefer phone calls.

Myth 3:

Older and richer investors care less about ESG

Not so. Only 10% of millennials are planning to invest in green bonds over the next two years, versus 15% of boomers and 50% of billionaires.

Find out more about why these myths, and many others, no longer hold true.

Including discovering insight into why leaders in this industry are already seeing significant ROI from the Digital Engagement and KYC/CDD technology investments they have already made.