A study finds that a significant number of HNW clients expect digital communication in some form from their wealth manager as part of the communications mix.

More than 40 per cent of wealth managers surveyed by software specialist firm Temenos and Forbes Insights think a blend of digital and offline communications is the ideal way to shape their business. More than a third (34 per cent) say clients insist on some form of digital contact.

The report, The Rise of Bionic Wealth: A Hybrid Model of Cutting-Edge Technology and Advisor Expertise Heralds the Future for Wealth Managers, explores how younger population groups move quickly across face-to-face meetings to virtual platforms to ensure they receive fast and accurate service.

The findings to some extent chime with studies showing that “hybrid” models of engagement – a mix of face-to-face contact and digital – are likely to be pursued by firms catering to high net worth and ultra-high net worth individuals. (See here.)

“These findings highlight that increasingly intelligent technology will help wealth managers redefine processes, find new efficiencies and build better relationships with their clients,” said Pierre Bouquieaux, product director for wealth management at Temenos.

Temenos and Forbes Insights surveyed more than 60 wealth managers and 35 HNW clients about the evolving banking experience, such as how they communicate, their needs and the importance of technology.

Among the findings were that 62 per cent of HNW clients are now in favour of “the digitisation of wealth management services” – but still want to meet often with an advisor. Just under a fifth (17 per cent) of HNW clients say technology is now essential and around 48 per cent of HNW clients rate cyber risk and hacking as a top concern related to the use of technology.

More than half of the executives surveyed are CEOs, and almost 30 per cent are heads of asset management. Three-quarters of the executives are evenly split across Asia-Pacific, Europe and North America. Almost 90 per cent of clients surveyed have a net worth between $1.4 million and $7 million.