Ranks of new customers are dwindling, jeopardizing US robo-advisors' ability to attract new wealth. This report details how robo-advisors can expand into new products and services to boost customer acquisition and revenues.
Evolving client expectations for more personalized services threaten wealth managers’ ability to retain existing clients and snap up new ones. But incumbents can face these changes head on by tapping AI to hyper-personalize offerings across the customers journey.
With $68 trillion in assets set to transfer to younger generations over the next 30 years, wealth managers who target high-net-worth individuals (HNWIs) must adapt by using digital solutions to enhance their existing white-glove services—not replace them.
Digital transformation is vital for wealth managers, as consumer expectations are changing, fiscal pressures are tightening, and competition is stiffening. These drivers have been further accelerated by the pandemic. But transformation efforts across the front, middle, and back office can help incumbents get their services up to speed and better compete with fintech wealth managers that are challenging the status quo.