In the third in-depth report of the series, wealth gurus Scorpio Partnership explore how investment advisors and the Futurewealthy use technology to discover, inform and deliver investments. It’s not always comfortable reading, with under half of a 3,477-strong HNW panel believing that their wealth manager’s approach to tech was up to scratch.
Findings are based on the views of 3,477 individuals from around the world, referred to as the Futurewealthy because, as a group, they are on the fast-track to wealth with average worth of around USD1.9 million.
- Read Part One (The Digital World of the Futurewealthy) here, and
- Part Two (Stepping into the Communication Age) here.
In this third paper of the 2012/2013 Futurewealth series, we explore what constitutes “helpful” investment technology in the eyes of the Futurewealthy. More specifically, we ask what more can wealth managers do to help those who are on the fast track to wealth creation to manage their affairs more efficiently and become the partner of choice to support their financial decisions.
We also look at the tools the Futurewealthy rely on most to engage with firms throughout the investment process; we ask how wealth managers are doing when it comes to delivering high-quality investment technology; and we explore the information and devices the Futurewealthy use to manage their money easier.
What we find is a far cry from a ringing endorsement. While wealth management firms, in general, are not doing a bad job, per se, they are not doing a good job either. It seems much of their technology effort goes on executing and reporting back to clients, but this is at the expense of drawing clients into the investment process early on through technology channels. In other words, the technology may work well mechanically, but fails to connect at a personal level.
As with the two previous papers in this series, the findings are based on the views of 3,477 of the world’s high-net-worth population with an average worth of USD1.9 million. In the earlier papers, we found this group of wealthy individuals are highly digitally adept. It therefore comes as no surprise to find their expectations are equally high with respect to investment technology.