Digitalization is a ‘Blessing’​ and Not ‘Disruption’​ for the Wealth Advisors

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report by PwC ranked wealth management as one of the least tech-literate sectors in the financial services industry. The finding is problematic enough on its own. But it becomes even more so when you account for the reality that high net worth individuals (HNWI) are the exact opposite. They are notably digitally literate. More than 40% of these prospects and clients use online and mobile channels to review their portfolios or investment markets. More than 33% use digital channels to manage their portfolio – and they say the quality of the interface and experience matters a lot. HNWI investors grade advisory firms based on their digital experience – 63% say that the quality of the online interface influences how satisfied they are with their wealth advisor.

Those big numbers are poised to increase at breakneck speed as wealth transfers to the enormous and tech-native millennial population. Are you ready? Is your firm facing digital resources like robotic automation processes (RPA) and artificial intelligence (AI) as disruptions? Or do you see them as critical resources necessary for the progress and competitive positioning of your advisory?

If you answered ‘disruption,’ go back and read the statistics again.  

Digital channels, data and analysis tools, automation, and machine learning aren’t bleeding-edge anymore. For an industry that’s been operating behind the curve, however, they are competitive advantages. Your young clients bring new wealth and the potential for long-term value. They’re going to choose the advisors who can offer a modern experience, more profound insights, and swift responses from advisors who aren’t burdened by old-school paper-based methods.

New technologies can seem expensive and complicated – that is, until you understand how the right partner can simplify the process and how high the ROI of an integrated solution can be. Read on to see how implementing smart digital strategies across your business will improve your ability to compete and strengthen the bottom line.

Leverage the Power of Automation to Empower your Business:

What happens in the back office drives operations, strategy, productivity, and more. The degree to which you can eliminate redundancies, automate tactical demands, and equip your professionals to work more effectively has a direct correlation to how the entire company operates. By integrating automation technologies and data storage systems into the back-end operations, you enable your team to replace menial tasks with time to do the higher-level work that they are trained to do, and that generally is more fulfilling. And you are doing more to shore up the security of your client’s data – and lowering your own risk by dramatically reducing the potential for human mistakes.


Robotics Process Automation (RPA) is a software robot capable of processing transactions, triggering responses, and interacting with other systems across the entire process chain. It automates (and thus removes) repetitive and mundane tasks. You gain an around-the-clock virtual workforce that streamlines and speeds operations, improves accuracy, and transforms data into powerful insights. For many companies, Artificial Intelligence (AI) empowers automation and machine learning. Promote your team from data producers to information users. Equipped with a rich source of dependable analytics, your marketing and sales team members (and perhaps your advisors as well) have a greater capacity to do more. Chances are, they have more bandwidth to pursue and onboard clients, and they can provide higher-value strategic support.

The Role of ML in Providing a Viable Invest Advice:

Machine Learning (ML) represents a competitive advantage for wealth advisors because industry adoption rates have been so slow. ML gives you the ability to predict likely investment outcomes by using AI algorithms to assess historical data in current and future contexts. Your clients are future-focused, so they are more likely to be confident about investment decisions backed by predictive research.

Elevating the Experience of your Customers:

 Let’s go back to the beginning for a moment. Remember the study that said 63% of HNWI’s rank their wealth advisor – at least in part – based on the quality of the online interface? Customer experience begins with digital. It gets nurtured through relationships. Clients meet with their wealth advisors already informed and ready with questions and requests. A great customer experience comes from a seamless mix of instant gratification and personal care.

Empowering your Clients through Innovative Voice Control Solutions:

Your digital presence (website or mobile app) will go a long way to put information and control into the hands of your clients. Chances are, you’ve met the next phase of customer experience. Natural Language Processing (NLP) solutions like Alexa, Siri, and Google Voice are an even more instant and impactful way to tap into depths of information. Voice assistant and intelligent voice control solutions integrate smoothly with existing platforms – showing your clients a higher level of innovation and care by making their experience even more modern and useful.

For wealth advisors, the objectives are clear. Cut costs, improve operations, and support a rich pipeline of high-value investment clients. Until now, most of the industry has tried to achieve these goals through tried and true approaches. Those firms that implement automation and data technologies across the organization will stand to win because they will have the ability to offer the resilience, security, and responsiveness your clients demand. Digital is not a disruption. It’s a demand. We can help you meet it. Top wealth advisors transform digital from disruption to advantage with automation, AI, and voice control technologies working from back office to customer experience.

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About the Author:

Aditya Rawat possesses 10+ years of writing articles for the leading magazines in the world on a vast range of topics such as: Emerging technologies, FinTech, Investment, Macroeconomics, Banking, Real estate, PropTech to name a few. He is an MBA graduate from the prestigious Coventry University in the UK and has over a decade of experience working for top-notch firms such as – Deloitte, Moody’s & HCL -British Telecom in various roles.)