Jay Palter and I meet twice monthly and co-host Between Sessions, a Google Hangout on Air exploring the digital business model in financial services. For July 4 we chose to hold the Independence Day edition while discussing The World Wealth Report 2014, a result of efforts by CapGemini and RBC Wealth Management.
It presents some extraordinary data and I thought it would be valuable to also distribute this audio edition.
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.
- A majority expect their wealth manager to be digital literate in five years – meaning most must start that effort now if not already.
- 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.
- Digital is more than social (yes, obvious) – and some distinctions are made in the report that validated some presumptions Jay and I hold.
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.