The majority of senior financial services professionals believe the internet will be key to the succ...
The majority of senior financial services professionals believe the internet will be key to the success of wealth management, according to research to be published by IBM later this month.
In a survey of senior management in 50 European financial institutions, three-quarters of respondents said factors critical to the success of wealth management included cross-selling, the internet, mobile devices and branch-based advisers.
Of that group 81.7% mentioned the internet, 76% branch-based advisers, 90.1% home or office visits and 83.1% personal telephone contact.
Tamsin Brew, wealth management consultant at IBM, says: "The results show people still want personal contact but it is equally important for them to be able to use the internet alongside it."
In particular, she says, self-directed investors will be able to save a lot of time by going online to find our information about investment.
"People will probably carry out online financial planning and then meet up with an adviser for a second opinion or reassurance."
Michael Steinharter, vice president of financial services for IBM's north region, says: "Bricks and clicks is where it's at. High-net-worth clients don't always want to use the face-to-face channel."
The survey also found that companies want to be sure they can make "super-normal" profits by offering wealth management services.
Rohitha Perera, head of IBM's wealth management division says: "A lot of financial services companies prefer to copy the business model of small firms, which have changed quickly or large successful firms. Those that are slow will ultimately find it difficult to compete."
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