24/7 access is becoming a must-have

Tessa Lee, managing director at moneyinfo, recently shared her insights in an article featured on Professional Adviser . In it, she explains what clients want from digital services and how advisers and wealth managers can meet those expectations. You can read the original article here .

Recent research from moneyinfo and Compeer revealed that more than half of investors with £1m or more in investible assets want better digital servicing from their wealth manager or adviser. Of these, two-thirds said they'd consider switching providers if things don't improve. And they’re not bluffing. 65% of surveyed investors had already switched wealth management providers within the last five years.

It's a stark reminder that wealth managers and financial planning firms must continually sharpen their offerings and embrace technology to meet client demands today and in the future.

So, how can advisers and wealth managers deliver what clients want?

24/7 access is now a must-have

When it comes to their portfolios, clients want real-time access - anytime, anywhere. Rich portfolio information, including valuation histories, performance analysis, transactions, and documents, is now a baseline expectation. Delivered securely, this transparent information builds trust and peace of mind.

"Implementing an engaging digital platform where clients can access their portfolio information is key," says Tessa. "But desktop access alone isn’t enough. Mobile apps are indispensable, allowing clients to access what's theirs from anywhere."

Push notifications also provide an opportunity for regular investment updates and market commentary, keeping clients informed and engaged.

Personalised service through technology

The real strength of technology lies in its ability to complement human expertise.

"According to Accenture, 83% of consumers are willing to share their data if it means they’ll get a more personalised experience," says Tessa. "Our own experience at moneyinfo echoes this."

Clients, regardless of age, expect an omni-channel experience that blends human interaction with personalised digital services.

Digital KYC and transcription tools simplify data capture, while AI and advanced analytics help advisers make informed decisions. "Tailored financial plans can now be produced in minutes rather than hours," Tessa explains. Combine this with an adviser's expertise and empathy, and you get the perfect blend of technology and human touch.

Secure communication matters

It's no surprise that secure messaging and document sharing consistently top clients' lists of digital expectations.

"We’re all aware of the growing threat posed by phishing, identity theft, and data breaches," says Tessa. "Clients value reassurance that their personal and financial information is protected through encrypted communications."

Today, clients think twice before opening email attachments or clicking links. Wealth managers and advisers can build trust with secure client portals, backed by two-factor authentication or biometrics. This ensures clients not only receive communications but actually read them.

"Encrypted communications should be a given," Tessa notes. "But let’s not forget that human error is the most common cause of data breaches. Educating both your team and your clients about information security best practices significantly reduces risk."

Blending tech with the personal touch

The integration of technology into wealth management and financial planning is transforming how services are delivered. Client expectations won't stand still - they'll keep evolving alongside technology.

Firms that embrace digital tools to enhance personalised, transparent, and secure services will be best placed to meet these evolving demands.

"Meeting client expectations in the digital age requires an approach that combines the best of technology with the high-touch service that high-net-worth investors value," says Tessa. "Staying on top of emerging tech and client needs will empower advisers to deliver a more efficient, profitable service that builds loyalty and exceeds expectations."

This article is shortened and adapted from an original piece by Tessa Lee, published on Professional Adviser. You can read the full original article here.