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The digital landscape has changed significantly in the past few decades. What previously used to only be accomplished in person can often be accomplished through digital platforms now. Individuals are becoming increasingly comfortable with conducting transactions online. Younger investors are more comfortable with online activities, as are investors at higher levels of wealth. Given the increasing capabilities of online platforms, what available digital tools are the most essential?
Communicating with their advisor is the most essential digital tool among wealthy investors, according to recent research from Spectrem Group. Over half of investors indicate that communicating with their advisor is an essential digital tool. Also, over half of investors indicate that evaluating the performance of their portfolio is an essential digital tool.
Over a third of investors also feel that an essential digital tool would be the ability to link their investment accounts from their primary firm. Account aggregation, the ability to see all of one’s accounts in one place, regardless of where they are located, is considered to be an essential digital service among 37 percent of investors. Having the ability to trade stocks is also essential for 35 percent of investors.
Knowing the tools that are not needed are just as important as knowing what tools investors feel are essential. Having access to cryptocurrencies or information about cryptocurrencies are unnecessary tools for nearly two-thirds of investors. Venmo or other types of payment tools are unnecessary for 63 percent of investors. Over half of investors also feel that a financial firm who provides access to travel deals is unnecessary.
Online platforms and digital tools will continue to develop, and new features and services will continue to be offered. As these tools change so will what investors feel is the most essential of said tools. Investors should share with their financial providers what types of features and services they need to see.
Related: Are Millionaire Investors Friends With Their Advisor?