Are you or your kids the next gen? Is your wealth management aligned with your financial needs.
The advent of technology has revolutionized wealth management.
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India houses one of the highest numbers of asset management companies. 42 large scale asset management companies cater to almost 75% of the High Net Worth Investors in the country. These companies deal in a blend of personal and digital tools to inform, engage and transact with their customers.
Keeping the customer happy is the main mantra that any wealth management organisation follows. Following are the key areas of a client-investor interaction which benefit from optimum use of digital platforms:
The Indian market requires wealth managers who focus less on competitors in the technology sector and more on digitally developing localized services, along with building clients’ financial literacy online. Investors should understand the following data commonly provided by the manager’s online, in order to make sure that the above mentioned support services can be efficiently used in their best interest.
Digital tools for wealth management
The tools discussed above can be made available to investors through a series of social media and online platforms. A host of new communication and analytical capabilities are rendered to clients for better investment experiences.
Depending on investor’s needs, wealth managers present a wide choice of different tools among the existing software solutions available.
Mobile Applications for Wealth Management
50% of the Indian HNIs connect to their wealth managers through their smartphone applications. Each bank, each financial company is eyeing India to launch their application and capture a higher market share. Mobile applications have risen to be the most dominating technology tool for investment banking. Following are the major trends that are relevant in the mobile space:
Still, less than 15% of advisors today use a full-fledged professional digital application for making investment related decisions. Financial advisors in the fields of mobile apps, digital communication and analytical and social media solutions offer services based on CRM, on boarding, financial planning, portfolio management, reporting and client communication. However, it is not your headache to be well versed with these solution services. All you have to do is know your fundamentals and leave the rest on experts who have their best interest in your growth.
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