Among private wealth clients, 82% said they would prefer to have access to their financial statements online. Additionally, respondents indicated they want a communication strategy based on straightforward, focused, and relevant information; overwhelmingly, investors choose their wealth advisor, at least in part, for their ability to filter the "white noise" that permeates the investment markets.
According to the report, wealth managers have made strides in providing investors with easy-to-understand information, and the industry scores high points for its personal communications, both with face-to-face meetings and on the phone.
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However, wealth managers are not meeting investors’ increased expectations for online reporting. While half of the investors polled want their wealth management firm to upgrade their systems to support a broader, more interactive online relationship, only 4% of wealth managers indicated online communication, via a web portal, as a priority. Even more surprising in today’s digital age, only one in three (33%) wealth managers indicated email communication as a priority, the report says.
"In the constant war for innovation, firms that invest in technology will respond better to ever-changing client needs," said Jim Morris, senior vice president for SEI’s Global Wealth Services. "Market-leading, collaborative, accessible technology will help position wealth advisors as agile enough to embrace these changes. These firms – and their advisors – will be the winners of the future."
The paper also found investors want more targeted communications, as three-quarters of the investors polled cited the lack of targeted product communication as a negative theme. Overall, they expect the wealth management industry to empower them by providing them with the means to access information and services how and when they want – and they recommend that wealth managers take cues from Apple, Google, and Amazon in reforming their communication strategies.
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