Despite stronger efforts to update technological tools to support delivery of wealth management services, the world's wealthy think these still do not address needs appropriately, new research shows.
Despite stronger efforts to update technological tools to support the delivery of wealth management services, the world's wealthy think these still do not address their needs appropriately, new research shows.
In Asia, only 42 per cent agree that their provider's technology adequately demonstrates portfolio strategies, compared to 69 per cent in the American markets and the very low 29 per cent in Europe. The wealthy are now also more inclined to research and find validations on their investment decisions online, with Asians significantly more likely to check the Internet before finalising their advisor selection. These include checking news articles, the service provider's social networking presence and the firm's blog content, the report said.
Of the digital devices commonly used, laptops are at the top, followed by smartphones, iPads and Blackberry. Over 40 per cent of the respondents worldwide note the importance of these devices in their financial relationships. A good 64 per cent of Asia's wealthy are actually using the financial applications of their advise providers, more than double than that of the Western continents.
"This study reveals that while the private banking industry is making some inroads in leveraging technology through online execution, it falls short in adding value in the advisory space. Technology provides us with the opportunity to develop deeper relationships with our clients," said Shayne Nelson, chief executive of Standard Chartered Private Bank.
Some 3,477 individuals with an average wealth of $1.9 million took part in the survey, with 46 per cent living in Asia-Pacific.