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Written by: Nigel Reid
With over 66% of High Net Worth Individuals (HNWIs) stating they would leave a Financial Firm that has digital shortcomings - Meeting the digital demands of high net worth individuals (HNWIs) is now a prerequisite for financial firms who want to succeed and attract more HNW clients.
With the number of HNWI’s globally at an all time high, and the pace of change enabled by digital technology continuing to grow, firms need to understand how to integrate digital channels into their client relationship.
HNWI’s Relationships with Financial Firms
Recent research shows that HNWIs have clear preferences in how they would like to be served by wealth firms. Unsurprisingly, they prefer to seek expert professional advice and receive customised services from firms.
While there is still a preference to have direct contact with wealth managers, the importance of digital contact is increasing and is especially strong for HNWIs under 40.
Digital Communications Are Critical to A Firm’s Survival
Digital has become the new wealth management industry mandate for meeting client expectations, providing integrated client experiences.
Regardless of age, wealth level, geography and need for advice, HNWIs are demanding digital capability from the wealth management industry; and they are willing to move to the firms who can provide this.
The Future Is Digital
Despite rising wealth and trust levels, HNWIs are becoming less satisfied with their firm and, in turn, more demanding.
Firms who provide HNWIs with the preferences they demand, including offering specialised services tailored to their needs, easy access to information through a multitude of online communication channels that is relevant and action provoking - as well as utilise online processes that enable instant interaction will retain current clients and win new ones.
Embracing digital technology fully throughout their organisation, from back end enablers like a CRM, via digital marketing techniques such as social media and video, through to digital versus direct client contact is the blueprint required for financial services firms in the new wealth age.
Why HNWI’s Are Attracted By Digital Technology
Digital technology has increased the demand and dependency on instant information and the ability to make quick and informed decisions.
It has transformed how people transact, learn and socialise.
Ultimately It makes life easier by allowing consumers access to services and information that traditionally would have required much more time and effort to benefit from.
By utilising digital technology and smart processes Financial Firms can create a brand that reaches far beyond their local office. To find out more about how digital technology can help your Firm grow click on the link below to view our complimentary guide.