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July Spotlight

Financial Advisors

Capturing Money-in-Motion: Strategies to Safeguard Your Business and Thrive

in a Changing Wealth Management Landscape

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Safeguarding your business and capturing money-in-motion has never been more crucial. According to PwC research, nearly half of high-net-worth clients (46%) are planning to change wealth management providers or add new relationships in the next 12 to 24 months.


Greta Lovenheim, Customer Data and Analytics Principal at PwC points out that this isn’t just happening in the wealth pace, but also with younger customers. Clients are searching for a personal touch with value-add services. They want more than just a financial service advisor; they are seeking out more personalized and digitally enabled services.


One place you can start to build new relationships and improve on existing ones would be to curate a tailored ecosystem of products and services. Clients expressed interest in receiving additional services like tax planning (47%), trust and estate planning (46%), and health/elder care (35%).


High net-worth individuals crave more personalized wealth management relationships. Dig deeper into their career, lifestyle, family dynamics, and propensities. Understand them holistically and offer tailored financial planning and investment strategies.


Communication with clients is also different than it’s been in the past. It's time to embrace the digital era! Virtual communication and experiences are preferred by 80% of clients, and hybrid advice delivery is gaining traction. Upgrade your digital capabilities to cater to these preferences and offer seamless virtual collaboration.


Additionally, despite lingering doubts, high-net-worth investors are keen on non-traditional assets such as alternatives, cryptocurrency, and ESG investing. Stand out by providing access and offering expert advice on these subjects.


Remember, the next generation of high-net-worth investors is your future client base. By implementing these strategies, you'll not only retain existing clients but also attract new ones. Stay ahead of the curve and secure your success in the ever-evolving financial landscape!

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