As the wealth management landscape undergoes a generational shift, engaging the next wave of investors through digital innovation has become a top priority. The new generation, primarily millennials, are not only digitally fluent but also have distinct preferences shaped by their awareness of social and environmental issues, and their desire for transparency, convenience, and accessibility. To remain competitive, wealth management firms must understand and adapt to these evolving expectations.

Objectway participates in The Wealth Mosaic Client Experience Toolkit Report to explore this very matter in detail. Read the full article and discover more about the Objectway Platform HERE

The Myth of the Intergenerational Wealth Transfer?

There has been much market commentary on the wave of capital that will be intergenerationally transferred in coming years, but the pace and scale of this transfer might be slower than expected. This uncertainty raises a critical question for wealth managers: Will future wealth ownership remain unified within extended families, or will it splinter into separate relationships with different providers?

The outcome of the above will be influenced and decided mostly by human factors, such as trust, past experience, accountability, and firm reputation. Technologies and solution designs that directly address customer experience and adviser engagement with clients will become key factors that determine if wealth owners encourage or discourage their children, grandchildren etc., to follow their own relationship pathway or not.

What do young investors want?

Still, to attract and retain these new clients, financial services firms will have to enhance their digital offerings. This includes developing robust digital platforms, mobile apps, and intuitive interfaces that allow easy access from any device. The trend is clear: the emerging generation of investors view their mobile devices as essential tools for communication, data sharing, and engagement. Wealth management firms must therefore ensure that their mobile apps are part of a comprehensive digital strategy that supports omnichannel interactions, digital onboarding, and front-office productivity. Personalised solutions will also be crucial, tailored to individual investment styles, behaviours, risk profiles, and preferences.

Moreover, the next gen appreciates convenience and automation in its financial activities. Across all age groups, including millennials, investors seek personalized, accessible, and transparent investment support. AI-powered tools can analyse preferences and financial goals to offer tailored strategies, enhancing customer relationships by automating administrative tasks and improving the overall client experience. Yet, operationalizing AI’s full potential remains a challenge for many firms.

The continued expansion of digital channels offers wealth management firms a significant opportunity to deliver scalable advice through virtual agents and AI-assisted tools. But as the digital engagement landscape evolves, human advisors still play a crucial role, especially for clients in the early stages of wealth accumulation who may need more education and guidance than fully automated decision-making.

Read the full article and discover more about the Objectway Platform HERE