New Growth Opportunities for the Wealth Management Sector

With the demand for continuous growth in the financial services industry, digital transformation is providing wealth managers with a plethora of opportunities.

FREMONT, CA:Many professionals in the financial services industry experience pressure to maintain continuous growth. However, spotting high-impact growth opportunities is a challenge for financial advisors and wealth managers. Digital technology plays a significant role in meeting practice goals, the need to engage the next generation of clients, and the importance of social media outreach. There are myriad technology tools available, and advisors need objects in a central location to focus on prospecting, growing, and operating their practices. As investors increasingly expect a more personalised experience, technology is the solution.

In this hybrid environment, video conferencing is a significant tool for advisors to connect with new and existing clients. In addition, advisors expect to increase their video-conferencing tools, and by leveraging this equipment, they can meet clients and prospects in any place, increasing their flexibility and communication with customers and advisors alike. This offers an opportunity for advisors to prospect outside of their geographic locale to reach a new client base.

Advisors can use technology tools to deeply understand, document, and track clients’ demands and desires aligning with their portfolios, inclusive of financial and environmental, social, and governance, or ESG, goals. Furthermore, they will continue to use digital communications tools like video conferencing and compliant chat to stay in touch. Advisors can amplify their reach by using tools to educate and inform customers and prospects with AI-powered content from top publishers.

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Wealth management firms are classified as beginners in their digital transformation journey, trailing behind other sectors in their digital advancement. This indicates that there is ample room for growth and innovation in the sector. Wealth managers will encounter three primary challenges in achieving digital transformation. This includes keeping up with the pace of technological change, a lack of a road map for innovation, and a need to modernise their information technology infrastructure. Despite these challenges, there is a great opportunity for wealth managers to collaborate with third-party firms to help them with their digital transformation journey and provide clients with a high-touch, high-tech experience.

Other opportunities in the wealth management industry include the accelerated digitisation of the investor-advisor experience, which is being driven by newly pandemic-related expectations such as demand for high-quality, personalised investor education stemming from the new investor explosion over the past year, increased demand for digital assets and alternative investments, and the personalised integration of ESG into all wealth management aspects ranging from financial planning to asset management.