access to longer-term metrics on performance, advice delivered by humans, robust risk management and through a desktop platform are important considerations for providers. Younger generations’ needs on the other hand are widely seen as more complex. The majority of this audience has been raised on computers or smartphones and therefore expects service providers to offer the efficiency and convenience of mobile technology that they have become accustomed to. In contrast to older generations, EY’s survey revealed that they are more open to switching manager, more interested in digital offerings, more plugged into social trends and more attuned to investing in line with their values. While younger and older generations have distinct preferences, the common denominator will always be technology and performance. Rather than adding technology as preferences evolve, firms are much better placed to fundamentally address legacy systems and processes by modernising their tech stacks to stay ahead of the curve. a A lifetime pursuit Managing individual wealth should not be seen as a short-term pursuit, but a process than can last for decades or even a lifetime. Wealth managers need to have this mindset when approaching their technology – ensuring that they have strong foundations that allow them to stay ahead of the curve and adapt to rapidly changing consumer behaviour over the long-term. To futureproof their businesses, private wealth managers need to ensure that their underlying technology can help their businesses adapt to rapidly changing preferences and behaviours. The tools, automation, and functionality to serve both age groups and the many different subgroups within them already exist. Tech providers exist to arm firms with all of the functionality they will ever need straight out of the box – allowing wealth managers and retail trading platforms to tailor their user experience to best suit their customer’s unique and sometimes diverse needs in a controlled and scalable manner.
RkJQdWJsaXNoZXIy MTUyMDQwMA==