Millennial investors are tech savvy, mobile-centric, and are much more comfortable using online tools and doing things on their own. They are more mobile, social and online. They also expect quick information, feedback, proactive updates and trending tips.
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“Consumers are using technology, but many advisors are not interacting with their clients in a digital manner. Only 2 percent of clients surveyed by CEB said their financial advisor had used a tablet to present information. Additionally, most firms fail to effectively modernize their processes and information flow, resulting in both clients and advisors forced to exert a lot of effort, which endangers loyalty.”
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Tip: Traditional wealth management firms can avoid getting stuck on the wrong side (of not taking today’s technology trends into consideration) by equipping, enabling and encouraging their team of advisors to adapt to the changing needs of clients and prospects. “To do that, they need to update the infrastructure and tools they provide their advisors. The goal is to give advisors the tools and support they need to be more nimble and flexible in their service delivery.”
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Compared to their age-group peers in other industries, traditional advisors are slow to adopt new technologies. They’re generally a careful, analytical and methodical bunch. So it’s easy to understand why for many advisors, embracing new technologies and changing the way they do business aren’t high on their priority lists.
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Firms need to provide advisors with technology necessary to support goal-based advice across multiple channels and different client demographics and needs.
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The digital transition is within reach! And it is where people … and your new millennial investors target market … help each other to create genuine economic value. You can do it! The idea, mission, and purpose is what you’ve been doing all along, it’s just in a different format.
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Welcome to the e-social world.
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