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