Between Sessions Independence Day Edition, World Wealth Report 2014

July 4, 2014

As always – a great conversation on Between Sessions, the Independence Day edition with  – in this episode discussing the World Wealth Repot 2014 from #CapGemini and 



We focused in on a couple areas of the report around high net worth investors perceptions and views on the shift to digital in wealth management services.

1) A majority expect their wealth manager to be digital literate in five years – meaning most must start that effort now if not already.

2) Why pay attention to this opinion? Because the same majority said they would have no problem finding new wealth managers who do embrace digital if their existing firm does not commit.

3) Digital is more than social (yes, obvious) – and some distinctions are made in the report that validated some presumptions Jay and I hold.

a) social is important – and where wealth managers establish their credibility within their niche. This is the important step where initial trust is built.

b) don’t neglect more mundane elements of digital – like being available on video meetings (think Google Hangouts,      to mention three – all with solid collaborative tools to go with video) and making simple changes on web sites and apps for clients to “touch to call or contact” from mobile devices.

c) web sites should not go neglected in lieu of apps and social media. In fact the web site should be the core and well established presence where some of the most versatile tools exist for clients to engage. The apps can pair with it to extend application functionality suited for mobile.

Finally – and most compelling in our eyes – work on your culture. From the top down, the concept of being available, engaged and responsive across digital channels means changing how we work and how procedures are drawn up.

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