Let’s look at those customer expectations you talked about. How do they differ across the industry, because obviously you have high net worth individuals on one hand, you’ve got retail investors and of course you mentioned the younger generation as well.
Yes, so it’s clearly the needs are different. The top-end client has much more complex needs. The emphasis being very much on the personal relationship and the quality and the breadth of service.
But that said, there is common ground and I think that people across the board today are familiar with today’s digital mega trends, the immediacy of service, the personalization, the convenience of anywhere anytime access that is the new standard in today’s world.
Top end clients are no different. So I think that wealth managers they need to be aware of this.
They need to look at new ways of segmenting their customers beyond simply assets under management, and to have the right offers in place to deal with the different degrees of digital readiness of their customers.
One example is a success that we find with some robo-advisor solutions now coming to the market and offering investment management services to the masses for the first time.
Coming along with digital solutions that really respond to some of these new customer expectations.