The PWC 2016 wealth management trends report has been put together to help wealth investment companies understand how a new generation of investors is drastically changing the financial industry. We have summarized the keys issues and continue to believe that they will continue to be important factors for wealth management companies to address in 2017.

wealth management fact: 50% of wealth will transfer within next five to ten years

With trust being the forefront of the change. It is essential for a successful financial relationship to grow for both parties. But technology, is changing how we view and even earn trust – especially with a younger generation. Today, millennials don’t want to be in the dark about how their money is being invested and what kinds of fees they are actually paying. They want to be involved and they are more educated than ever. From robo-advisors and algorithm-based portfolio management more than ever there are a lot of options for tech-savvy investors.

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Standardization and personalization of advice.

Before advisors would try to make the ‘one-size-fits-all’ plan and would often come off as inconsistent. Now, clients want completely personalized advice that reflects where they are in their personal life, goals and level of risk. This advice should be constantly evolving and changing as the client does.

The nature of wealth management advice.

Clients no longer just want financial investment advice, but the scope of advice is expanding to include tax and estate planning, insurance needs, and help with budgeting and savings plans. Clients are looking for a more collaborative effort that builds trust as the client learn more about their specific plan.  While this may begin the blur the lines of advice, as the client gets educated about the wealth management process, it builds a strong bond of trust. It also creates a more engaged client in their investment decisions making them more responsible for the results as well.

Advice delivery channels.

Typically, the customization of the advice is based upon the amount of money that is invested. The more money that was invested, the greater level of personalization. However, even in the digital age of advice, it is always important that the company’s message is coordinated, integrated, and ubiquitous, with a minimum amount of segregation.

While customers become more tech-savvy, they want to consume information on different platforms. Meaning that your delivery of advice from omni-channels such as mobile, desktop, tablet, phone and in-person will begin to increase and diversify.

The new service model.

Because of the disruption in the finance industry, wealth managers will now have to offer a wider variety of products and services to their clients to keep them engaged and to ensure their needs are looked after for the long term. This means a re-focus for wealth managers in general. With more emphasis on live or real-time of analysis, reporting, alerts and performance of the clients individual portfolio.

Having advisors up to date with the latest technology, plus interacting with their clients more often is a difficult and time consuming dilemma. Many are already struggling with the additional demands as the industry becomes increasingly more competitive.

To survive and thrive in this environment Wealth Managers need better support from the brands, products and companies they represent. They also require tools and processes that provide time and cost savings using marketing automation, and internal workflow enhancements to optimize their digital marketing capabilities through improved online, mobile and video interactions.

Looking for help to build trust and customer relationships across omni-channels while streamlining your marketing automation? Get in touch with us or learn more how we build success for leading financial organizations and wealth management teams!

Source: PwC: 2016 Wealth Management Trends. A Revolution Both Loud and Quiet