Wealthtech: Wealth Managers Rate their Process of Creating and Sharing Investment Advice as Poor to Average, a Report Reveals

Finantix, a technology products firm focused on banking, wealth management and insurance services, has published a report, which it authored in collaboration with WealthBriefing, a news, features and information source for the wealth management (Wealthtech) industry.

The market research report, titled “Defining – and Delivering – Personalized Client Engagement,” has been released in order to help people tap into the “future of wealth management.”

The newly published report identifies what it claims are key drivers for a new model of customer engagement in Wealthtech. The research study looks into the importance of artificial intelligence (AI) in assisting and facilitating adviser-to-client communication.

The research report noted that 54% of the wealth management firms rate their process of creating and sharing investment advice as poor to average. Fewer than 50% of wealth managers have been customizing investment commentaries for individual investors, the report stated.

Approximately 90% of companies said that they’d increase the usage of digital channels for investment-related decisions. About 60% of firms said they don’t have good quality CRM systems to assist advisers with effectively managing potential leads, prospects and client relationships.

Finantix states that the survey respondents were senior-level executives who are tasked with marketing and business development.

Alessandro Tonchia, co-founder and head of strategy at Finantix, stated:

“An engagement platform for wealth management needs to adequately capture information on clients’ preferences, objectives, concerns and family structures. This information will drive daily health checks, individualised information diets, investment recommendations along with the style and channel of interactions. 

Tonchia added:

“Most importantly, the system will help advisers ensure that such information is always up to date.”

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