Digital technologies offer rapid, intuitive, 24/7 support for clients, but the wealth management industry has been slow to adapt, according to Boston Consulting Group’s 2014 Global Wealth report.
The survey found that less than 20 percent of banks and brokerages offer key investment functions such as tailored recommendations and portfolio analysis via tablets or smartphones—yet more than 40 percent of clients are looking for these services.
“The gap between what things are actually offered and what clients expect has really widened. And it’s widened in those places that are the core of what wealth managers do,” says Brent Beardsley, senior partner at BCG and co-author of the report.
Here are seven strategies the 2014 Global Wealth report recommends for wealth managers looking to compete in the digital race.
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