The study found that high-net-worth investors are avid users of digital technology for managing their finances and, despite often being older than the average investor, are just as likely as younger investors to demand digital wealth-management services.
According to the new survey, which targeted high-income, digitally savvy European investors found that the vast majority 83% of high-net-worth investors already use digital technology for financial services, with two-thirds, or 67% being weekly users of social media. Additionally 41% consider themselves as early adopters of technology.
The research by Accenture, a global management consulting, technology services and outsourcing company, shows that high-net-worth investors seek a unique and sophisticated experience from advisors and place higher value on channel options and online features than other investors.
In fact, respondents listed 10 unique financial technology tools, such as education on long-term goals, 360 account views and auto asset allocation, as difference makers that high-net-worth investors use to drive decisions, all of which support advanced learning, planning and other long-term investing objectives.
While high-net-worth investors still expect and indeed prefer face-to-face contact for discussing long-term planning and their future financial needs, they also said that they are very comfortable using digital technology for more basic investment tasks such as account transfers, product research and scenario analyses.
Alfredo Avila, managing director for Accenture Wealth and Asset Management Services in Europe, Africa, Middle East and Latin America, commented on these results.
‘High-net-worth investors are very savvy about using digital channels and see digital as an essential part of the service they expect from a private bank or financial adviser. And while the majority still want face-to-face contact, they are much more comfortable and confident in the value digital technologies bring to managing their portfolios and communicating with their advisors.’
Three-quarters or 75% of the high-net-worth investors surveyed said they were confident that digital technology would not limit face-to-face contact time or the quality of relationship with their financial advisers. And while two-thirds, which equated to 65% said they still want face-to-face contact, as many as one-third (35%) said that with digital tools, they could work perfectly well with their financial adviser without ever being in the same place.