Wealth client digital strategy – what you need beyond wealthtech

Traditionally, wealth management has focused on high-touch, personal contact to drive client relationships. As a result, the industry had been slow to adopt technology and digital trends – but not anymore. With the dramatic shift toward online engagement in the past two years, wealth firms and financial advisors are finding they need both wealthtech capabilities and creative digital content strategies to compete effectively.

Fintech innovations that increase efficiency for wealth advisors are rapidly gaining traction. Gartner predicts that by 2024, 75% of enterprises will have shifted to AI-powered technologies to automate repetitive tasks, improve risk and compliance functions, and more.¹ That’s just one focus of wealthtech; the bigger story is how it’s essential to attract and retain younger generations.

With the Great Wealth Transfer looming, trillions of dollars in assets will pass to inheriting individuals who expect compelling digital experiences. 53% of millennials said they would find a new financial advisor if their advisor wasn’t using technology.² And yet, wealthtech alone will not be enough.

Many sources project that the vast majority of digital natives will switch advisors after inheriting wealth. It’s a powerful signal that digital client strategy needs to be about more than mobile onboarding and an investment portal. It’s about supporting a holistic digital relationship.

Enhancing the value of wealthtech with strategic content

Much of wealth technology is driven by AI and machine learning, yet it still needs the human touch. For instance, the system may recommend certain complex investment products and strategies for a given client. However, that information needs to be translated into plain language that clients can easily understand.

Wealth firms and independent advisors can save time by partnering with communication experts like Beyond the Arc. With more than a decade of wealth management experience, we specialize in creating compliant, client-friendly language that reflects a company’s brand voice. Customized, simpler language can then be fed into a wealthtech system to “train” machine learning models to adopt that messaging when it generates reports and recommended talking points for client conversations.

Powering the client experience with digital content

Delivering easy-to-understand information is also essential for engaging clients across the many channels they prefer. From email and social media, to blogs and videos, advisors need to share helpful, informative content that builds trust to win a client’s business, and adds value to the relationship over time.

For example, providing educational insights on sustainable investing, cryptocurrencies, or strategies for early retirement can be an effective way to attract younger investors.

The key is to sustain momentum across digital channels, which is often challenging for busy wealth advisors.

However, to remain relevant with clients and prospects, your social media accounts and blogs need to deliver a steady stream of compelling content. It’s a vital strategy for demonstrating your credibility and brand value, as well as connecting with niche audiences.