Millennials expect customer portal technology

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A quarter of financial advisory firms use client portal technology, according to a study, although one in three Australian advisers rank digital capability as their top three reasons for choosing a consulting firm.

Netwealth’s 2021 AdviceTech report found that nearly half of recommended Millennial Australians place digital capability in their top three reasons for choosing a consulting firm, but the consulting market was moving towards further integration of business technology. customer portal, with 65.3% of the market expected to implement the technology within the next two years.

Netwealth Co-CEO Matt Heine said, “The adoption of technology by people of all ages, accelerated by the COVID-19 pandemic, has underscored the importance of digitizing the advisor-client experience.”

According to the report, 1.5 million millennials make up what it calls the “rich emerging,” a growing market segment controlling an estimated $ 2.2 trillion of household wealth that also requires functional technology in the services that it provides. they use.

“As digital natives, consulting firms will have to double their digital investment, but the payoff could be hugely favorable as the wealthy emerging could be their future clientele,” Heine said.

Beyond the generational divide, the report showed that investors wanted the ability to digitally and conveniently view household balance sheets, track spending and financial goals, access and sign financial documents, buy and sell investments, access educational materials and meet their financial planner; all the services which are not adequately satisfied by the industry.

According to the consulting industry staff interviewed, the main benefits of client portals were better advisor-client transparency, better client collaboration, better client communication, and better client education.

The most common client portal technology solutions in the financial advisory industry were client relationship management software, financial planning software, dedicated client portal software, and investment platforms.


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