W&F Issue 4 2018

Wealth & Finance International - Issue 4 2018 21 “Hey, Siri, how do I keep my clients?” Wealth management and digital engagement Remember, though, that these offerings are not one-size-fits-all – they still require tailoring to the individual. Using the best of both worlds This doesn’t mean a complete shift to digital-only services. If a client has significant assets – and particularly as his or her life gets more complicated – a broader advice scale is needed, rather than simply having assets allocated to a handful of ETFs. The interaction of digital and human empathy is the key to effectively servicing these specific needs. This is hybrid wealth management: offline and online services that work harmoniously together to create a better experience for the client, and greater levels of engagement for the manager. It means a better understanding of clients and therefore leads to more opportunities to expand the share of wallet, impacting the all-important bottom line. So, how do financial businesses resonate better with millennials? Appoint younger people. Use digital. You can still be full service – helping manage life events like retirement planning, college planning, trusts, wills, parental long-term care planning and the like. But make sure you focus your business model on delivering from a place of empathy both in-person and digitally.