Millionaires want investment providers to improve their digital offering

Savanta’s MillionaireVue sheds light on the scale of the challenge

Since the pandemic hit in 2020, focus has shifted towards digital and hybrid propositions across industries and investment providers are no exception. But some providers have been able to adapt better than others to this shift. Through our MillionaireVue omnibus, we asked millionaires in the US and UK about their experience in dealing with their investment providers digital services.

While some investment providers have a robust digital offering, some others have been forced into creating one to improve the strength of client relationships.

In the US, almost 1 in 2 (45%) believe that their investment providers digital offer, including valuations and portfolio reporting, needs improving while this proportion is even higher in the UK at almost 3 in 5 (57%)!

As providers grapple with the developments, age and wealth need to play a major part in targeting where digital innovations should be focused. A majority of under 55s as well as those with higher investable assets ($/£5m+) are of the view that their investment providers digital offer needs to improve. The over 55s however seem happy with what’s being offered.

However, the pandemic has acted as a major motivator for providers to start improving their offer. In both countries over 1 in 2 HNWs agree that the way their investment providers adapted during the pandemic has resulted in benefits.

Video calls are also playing an important part in developing relationship between clients and the investment provider with a majority across both nations agreeing that it’s an important communication channel. Similar age differences emerge regarding the role of video calls to build relationships with investment providers; with under 55s agreeing although the older group don’t see this as important.

It’s clear that interaction with digital services will form a large part of the experience clients have with their investment provider in future. Providers that can make this experience a joyous one will reap the benefits and have loyal clients.

Data source: Savanta’s MillionaireVue Omnibus, a representative survey of the UK and US millionaire population. N=491 conducted in the UK and n=311 conducted in the US in February 2022.

Savanta’s MillionaireVue is a quarterly omnibus with c. 500 HNWI’s in each of UK, US and China. For more information please click here.

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