To survive in the digital world that is evolving at breakneck speed, wealth management firms urgently need to take action to demonstrate their value to existing and future clients – and to keep pace with the new waves of digital opportunity that are emerging.
In a global survey conducted by PricewaterhouseCoopers (PwC), Sink or swim: Why wealth management can’t afford to miss the digital wave, it was found that high net worth individuals (HNIs), globally, believed that it is important for their financial adviser or wealth manager to have strong digital offerings. The findings of this report are based on research conducted in late 2015 and early 2016. The quantitative research was conducted among 1,010 HNIs with over $1 million in investable assets in Europe, North America and Asia, to assess their attitudes to their wealth, their use of technology and the role of professional wealth management in their lives. This was supported with interviews with 100 client-facing relationship managers who work in wealth management firms, including the wealth management arms of major banks in Europe, North America, Asia, Latin America and West Asia.
Reflecting the widespread integration of technology into their lives, over half of the surveyed HNIs believe it is important for their financial adviser or wealth manager to have a strong digital offering—a proportion that rises to almost two-thirds among HNIs under 45 years.
