Digital is bringing a notable change in wealth management dynamics: cost reductions, popularization of mobile access, and disruption of old relationship models influence behavior of all demographic segments, not only millennials as we too easily read on every newspaper.
Many people, in every age range, will say they want on online wealth management experience only; they are so used to messaging systems, mobile platforms, and social media that they expect the same kind of relationship even when coming to wealth management. At the same time, tighter and tighter regulations, asking for a complete recording and archiving of every transaction and conversation, further pressures the advisor towards digitization of their works. The result is that, any time an advisor has an opportunity of getting or maintaining a customer, a solution of hybrid advisory – part automatized and part human – is running somewhere.
Such solution must allow complete freedom of communication between the customer and the advisor; the former can decide to use any available channel and freely change channel at any time, as in a truly hybrid journey towards the satisfaction of his or her wealth management needs; the latter must be free to choose the right communication platform, from the traditional desktop computer to the latest wearable gadget. Our main goal is to sustain the conversation and answer the needs of the customer, whatever channel or technology it takes.
We Made It Hybrid. And Complete
This is what we have done with Conectus, making it a product that incorporates a complete hybrid hybrid customer journey, contemplating every means of communication from the most classic audio call to chat, videoconference, and messaging, enabled on all kinds of platforms and especially on mobile ones.
Our view is one of Conectus bringing a significant competitive advantage for two reasons in particular: first, it facilitates a really hybrid approach to advisory, so giving advisors the best tools to merge personal relationships with the customer and the most modern means of remote communications. The advisor can maintain her or his style of approach with the customer and, meanwhile, stay ahead of the technological curve.
Second, the complete hybrid journey to wealth management enabled by Conectus is especially poised to appeal to a large segment of younger people, literally born with mobile technology in the pocket, that still have to choose their favorite their favorite style of advisory. We bet they’re going to choose hybrid and this will contribute to widen the potential customer base for advisors.
Hybrid Is Happening. Fast
I was particularly fond of speaking about this topic at the ComPeer event Optimizing the Front Office last May in London, because I had the chance of confronting some old school people, that has still to understand that what speed digitalization and roboadvisory are changing the market.
You can see a quick interview I gave right after the event too, if you feel like. If you would like to read about these topics in more depth, feel free to drop a line in the comments. Thanks!