Turning digital opportunities into business

Greg King, CFA, Director of Wealth Management Strategy, FactSet


Today’s wealth management clients are more tech-savvy than ever before. According to research from FactSet and Scorpio Partnership, HNWIs now conduct 44% of their interactions with their wealth managers online, and the proportion of interactions conducted online rises to 48% among those whose wealth exceeds $20 million. Coupled with the fact that three-in-five HNWIs believe that innovation would enhance their wealth manager relationship, it’s clear expectations are changing.

However, despite the obvious demand for innovation, the advice gap is widening as traditional wealth managers struggle to bring their strategies into the digital era. “The wealth management industry is missing a huge opportunity”, says Greg King, Director of Wealth Management Strategy, at FactSet. Adding to this pressure are the successes of companies like Google, Amazon and Apple, who have revolutionised the customer relationship using data to anticipate and deliver personalised content. Wealth managers now have similar obligations to create personalised services with 24/7 interaction for their clients.


"Wealth managers partner with technology companies to allow them to focus on what they do best, which is to look after their clients’ wealth."


Wealth managers willing to step up to this challenge recognise that they must partner with technology providers so they can focus on what they do best; look after their clients’ wealth. For example, 7IM’s app, My Future, was built with the help of Nintendo gaming experts to engage younger investors and encourage financial planning. Such a shift in thinking can prepare wealth managers to tailor their services to new audiences, innovate their businesses and become more attractive to the next generation of HNWIs.

Translating the opportunities of a demanding digital ecosystem into a successful business model is no easy task. In this interview, hear from Greg King on the changing advisory landscape, and understand which approaches are necessary for success in a digital world.


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