Banking Outpacing Wealth Management on Digital
Wealth management lags behind banks in digital offerings, financial advisors should meet clients' children early and FTJ FundChoice launches a new SMA program.
The wealth management industry is lagging behind personal banking in having digitally accessible applications. Only 41 percent of wealth management products are available online, compared to 66 percent of personal banking products, according to a new study by Avoka, a financial technology firm based in Denver. This is a problem for investors who expect a fast, omni-channel wealth management experience, the tech firm says. “Depending on paper sign-up processes for wealth management is not a long-term growth strategy,” the report said. “Since wealth products are important for high-value customers, and there is increased digital competition from non-bank wealth management options, beefing up the availability of wealth account openings would seem to be a priority.”
When to Meet the Kids (And Grandkids)
Financial advisors with high net worth clients talk all the time about the coming wealth transfer, either to Generation X or the millennial generation. But
when should advisors sit down with their clients' children, or in some cases, even grandchildren? According to a Spectrem Group study detailed on MillionaireCorner.com, millennial millionaires say the earlier the better. More than half of those millennials with a net worth of more than $1 million said a child should be introduced to the family's financial advisor before turning 12. Among millionaires of all generations, more than half agreed that the introduction should come after the child turns 18. Only 20 percent believed waiting until the child is 25 years old.
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