d1g1t’s Chief Strategy Officer, Andrew Aziz, was pleased to attend the Level Up 2022 Mandeville Advisor Conference on September 18th-20th in Banff, Alberta where he spoke on the Tech Talk panel. This private event brought together Mandeville advisors and sponsors to learn about trends, discuss areas for improvement, and ‘Level Up’ in the wealth management industry.
Andrew Aziz shared the Tech Talk panel with Michael Bradley, Vice Chairman of FutureVault, and Kevin Mulhern, CEO of Advisor Stream. The Tech Talk panel featured themes related to improving digital experiences for clients and retaining the multiple generations within households as more younger investors emerge in the industry.
The discussion identified how critical the need for integration amongst “best of breed” solutions is, especially as people become overwhelmed with so much technology. The panel noted how time-consuming adoption can be and why simplicity and ease of use is so important. If you are going to provide additional technology solutions, they need to be part of a seamless experience.
The conference kicked off with Mandeville’s COO, Frank Laferriere, citing a recent McKinsey & Company stat stating that 70% of millennials would leave their advisor, despite benefiting from good returns, if their digital experience was poor. Additionally, Kevin provided findings from their research with Dow Jones that noted millennials are even more likely to seek investment advice than baby boomers from advisors. Andrew suggested that the combination of these two findings implies that even more emphasis should be placed on optimizing the user experience.
“A good client experience begins with a good advisor experience”.
The insights from this panel identify the need for modern technology that provides a consistent, exceptional client experience. This is especially true for the next generation of clients who are used to having positive digital user experiences in almost every other aspect of their lives. This is one of the many evolving expectations younger investors are demanding from their advisors.
Wealth advisors need to have the tools to be able to engage in real-time with their clients and answer questions on the fly while backing their advice up with analytical insights. The user experience must be both attractive and intuitive, while analytics should be meaningful, easy to understand, and relevant to the client’s needs.
Well-designed technology is key to facilitating client advisor engagement and a positive client experience. Many younger investors want a hybrid of both digital tools and access to a human advisor who can discuss their data and goals with them. Analytics and information need to be as current as possible and easily accessible. There should also be visualization and educational aspects that engage investors and help establish trust in their advisors. Investing in modern technology is crucial to meet growing expectations and compete against robo-advisors.
The d1g1t team was proud to be a part of this conference and contribute to this discussion around wealth management trends and technology innovation. The Level Up 2022 Mandeville Advisor Conference is a valuable opportunity for our team to connect with advisors to discuss best practices for implementing digital tools like d1g1t to elevate the client experience. Visit our website or contact us at email@example.com to learn more about our software.