Millionaires utilize digital tools for information and communication in every aspect of their lives. The pandemic changed the minds of many of those investors who were previously hesitant to fully utilize digital technology to communicate with family and friends. There are a wide variety of digital tools that are available to investors, although not all of them carry the same importance among Millionaires.

When Millionaires are considering hiring an advisor, or evaluating their existing advisor, it is important to review their digital offerings through their website and ensure the services that are most desired are provided. The most important digital tool for Millionaires is having the ability to communicate with their financial advisor, according to recent research from Spectrem Group regarding investor behavior and digital technology. Three-quarters of Millionaires feel the ability to communicate with their advisor is an essential digital tool.

Another critical digital tool for over two-thirds of Millionaires is the ability to evaluate performance of their portfolio. Investors do not want to have to wait until their advisor schedules a meeting for them to have a clear understanding of how their investments are performing. This accessibility is important but also needs to come with the most essential tool of communicating with an advisor, so the investor can ask questions about their investment performance when they review it.

Account aggregation and investment account linking are essential digital tools for half of Millionaire investors. These investors want the ability to view all their accounts in one place and have each of their accounts linked so they can make transfers or conduct other transactions when needed. Account aggregation can also reveal overlaps in investment strategies at different financial providers, allowing investors to adjust so they do not carry unnecessary risk.

Over a quarter of Millionaires feel that the ability to trade stocks or upload legal documents are essential digital tools. Uploading legal documents can be very helpful to investors so there is one location for loved ones to go to in order to access any legal documentation that would be needed upon their death. This collection of legal documents can also make proper titling of accounts easier, as documentation is often required in some of those situations.

Financial providers are continually investigating ways to offer new and innovative digital tools through their website, app, and other digital methods. Investors need to evaluate what services are essential and would become dealbreakers if they are not offered. As the digital landscape continues to change it will become increasingly important for firms to adapt their offerings.