Digital more consistent for advisers

Using digital methods to gain information about clients is more consistent, scalable and result-orientated than traditional methods, according to Privé Financial.

Changing customer expectations and increasing regulation changes mean advisers need to engage with digital methods to keep business moving forward, says managing director of Hong Kong-based Privé Financial, David Lee.

“In an ever-competitive wealth management market, digitisation has made it possible for the market to evolve to a scalable, advice-driven wealth management model,” Lee said.

“Technology has developed, and is developing, a digitised means of meeting end-customer expectations.”

There were a growing number of financial institutions digitising the customer journey, which Lee said was reflective of the need for advisers to solidify relationships with clients.

“Digitisation allows an adviser more insight into how to service an end-customer,” he said.

“Instead of creating mistrust, knowing and speaking to an end-customer about their interests and goals allows a relationship to form.”

The increased regulation across the sector in Asia meant the reformation of the industry had focused strongly on repositioning clients at the forefront – an objective Lee said would be best achieved with the help of digital tools.

“Digitisation can assist advisers to mitigate the challenges of increased regulatory measures, which have highlighted statutory duties of advisers to service-end customers,” he said.

“As the Asian wealth management industry becomes more crowded, advisers will need to add value in terms of not just pushing products, but providing holistic advice if they are to grow their assets under management.”



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