New E&Y report identifies $200B in global assets as potential opportunity to move between Wealth Managers
This report provides research based on a global survey of 2000 clients and 60 wealth managers. It is interesting to note that the 3 major factors influencing the movement of assets are Performance (33.5%), Engagement (8.4%) and Trust (7.4%). Performance is, of course a given – our primary interest as investors is portfolio performance and this requirement will always be #1. Top Asset Managers consistently outperform their rivals. What we find interesting are the 2nd and 3rd factors – Engagement and Trust.
One of the primary levers for Engagement success is offering the investor a true multi-channel experience. Balancing digital services with traditional advice services is considered to be essential to Engagement according to the E&Y report. Information accuracy is also listed as a key engagement lever. Trust is built by firm/advisor reputation and notably by fee transparency – a hot subject this month as the first CRM2 reports are delivered to investors.
Many of the factors that influence Engagement and Trust represent new territory to Wealth Managers. Developing a properly “tuned” multi-channel service platform requires innovation across the service delivery model. Fee transparency falls into the same category in terms of fresh thinking for firms. As a partner to Canada’s leading wealth managers, InvestorCOM is playing a key role helping our clients leverage technology and innovation to win client Engagement and Trust. InvestorCOM has a clear and simple purpose – to build stronger relationships by optimizing communications.