MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Posts Tagged ‘Advisors’

Fund Managers struggle with compelling offers for Institutionals and Advisors

Saturday, October 8th, 2016

In our latest study on “Fund Managers’ Digital Presences for Institutionals and Advisors” we have looked into the digital presences of fund and asset managers targeting institutional clients. We reviewed the websites, mobile strategies and social media efforts of the world’s biggest fund and asset managers from the perspective of “institutional investor” and “financial intermediary.” (more…)

 

Arming Advisors with their New Digital Weapons

Friday, March 6th, 2015

MyPrivateBanking Research released a new report on ‘Digital and Mobile Solutions for Financial Advisors 2015‘ this week. Unlike the first two editions, which focused exclusively on mobile apps for financial advisors offered by technology vendors like Avaloq or Temenos, the new edition has a much broader perspective. Besides evaluating the developments the established vendors implemented in their mobile apps over the course of 2014, in-depth research has taken place in the fields of communication solutions (particularly video tools), recommendation and analytical solutions, as well as social media management tools.

In addition to the interviews our analysts conducted with the technology vendors themselves, they did several interviews with representatives of the leading wealth management companies, private banks and bank consultants in order to derive a deeper understanding of the actual level of digitization in wealth advisory business.

The three most disruptive trends according to our analysis are:

Remote meetings increasingly gain importance. Contributing to an omni-channel client experience, advisors are shifting more and more towards alternative digital channels like video conferencing and screen sharing tools.

Advisors are under great pressure. Shrinking margins force wealth managers to serve more clients per advisor who therefore need to be more efficient to operate feasibly. Solutions, which partly automate certain processes as well as social media management tools, are the response to these needs for an increasing number of advisors.

Clients are becoming more self-directed. With the booming app supply for retail banking clients, the high-net-worth clientele are demanding digital tools for their financial matters, as well. Hence, matching client tools empowering them to do their financial planning or even trading and portfolio rebalancing by themselves, are already standard. What has yet to be covered more extensively is the provision of advisor contacting options. Many advisory apps still lack basic communication features like video and text chat.

The report combines all the thought-provoking findings from these interviews, detailed company profiles of the vendors included with thorough descriptions of the solutions and products, and comprehensive conclusions on all these results.

 

The Best Five Client Meeting Features

Friday, March 7th, 2014

Having researched the performance of the main players in the market in our report, ‘Mobile Apps for Financial Advisors 2014’, published on Wednesday, MyPrivateBanking’s researchers came across several features that enhance client meetings in a way that is not only new but thrilling, reflecting the sheer scale of technical innovations in this field.

Here are our top-5 for this year:

  1. Co-browsing – A great opportunity to smooth follow-up meetings that saves time and enhances clients’ experience
  2. Client matching app – An increasing trend in the market that enables the end-client to interact with the advisor through an app of their own and to perform portfolio analysis or initiate trades
  3. Community/Chat function – A highly interactive tool that enhances client-advisor relationships through offering a new channel for correspondence and collaboration and generally making the client feel they are connected
  4. Interactive graphical tools – In this area we could see some of the greatest improvements-these tools range from interactive timelines that are linked with affirmative/negative signals to show if goals match (or not) to full multimedia document sharing tools
  5. Sophisticated document management functions – Particularly in combination with the emerging matching client apps, good document management is highly important as a means of keeping clients up-to-date and ‘in the loop’

 
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