Client and advisor expectations with respect to technology have been heightened during the pandemic – making the digital tools and resources that a firm provides critical to the satisfaction and engagement of both clients and advisors. Approximately two-thirds of clients are open to conducting more wealth management activities using a combination of online and offline channels with their advisor, reserving in-person meetings for more complex discussions.
Findings from the fourth report in this year’s Advisory Solutions: Expectations and Experiences series from MMI and Aon suggest that a seamless digital experience is critical to boost client confidence and satisfaction, as well as influence advisor retention. Wealth management firms need to build on this opportunity and ensure that their digital proposition continues to hit the mark for advisors and clients.
Key findings:
- Clients who feel their wealth management firm is a digital leader are more likely to feel very confident about reaching their retirement goals (leader: 75% vs. laggard: 47%) and to report the value of financial advice has increased since the onset of the crisis (leader: 63% vs. laggard: 33%).
- Advisors underestimate the importance to clients of working with a wealth manager who uses cutting-edge financial planning technology (client: 64% vs. advisor: 50%) and who offers the option to sign or accept documents electronically (client: 61% vs. advisor: 54%).
- Advisors who say their firm is a leader in digital technology are more than three times as likely to see a future with the firm than those who view the technology as lagging (leader: 68% vs. laggard: 20%).
- Younger clients feel strongly about working with a wealth manager who understands and shares their values – and want their advisor to help them reflect their values across their portfolios. But advisor satisfaction with the ESG tools provided by their firm is middling and varies by demographic.
Detailed findings from the 2021 Expectations and Experiences research have been released in a series of four reports.
To learn more:
Download Report #4: Firm-Provided Resources
Download Report #3: Market Turbulence and the Shift Toward Financial Advice
Download Report #2: Lessons from the Pandemic
Download Report #1: Delivering Premium Advice
Download Executive Summary of the 2021 research findings
View special MMI Webinar featuring Craig Pfeiffer with Peter Keuls and David Lo of Aon
We hope you find this new research valuable. If you have any questions, please contact MMI at (646) 868-8500 or info@mminst.org.
