Are your distribution channels capable of giving the HNWIs of the future what they need?

The wealth management puzzle: deep dive I

Can you predict which of your retail clients will be tomorrow’s crypto billionaires or which student account holder will end up inventing a groundbreaking climate solution?

One thing’s for sure: in modern financial services, it’s a big mistake to pigeonhole clients and make unfounded assumptions about their favoured products, services and sources of advice and support. From retail customers to high-net-worth individuals, customer journeys are becoming increasingly difficult to tell apart. People are well-informed and opt for mobile first, but want to be able to switch channels seamlessly whenever they need service in a different form.

In this deep dive, part of PwC’s newly launched Wealth Management Insights series, we take a closer look at how financial services providers can set about modifying their distribution set-up to create attractive experiences for all their clients, cost-efficiently – while still being able to provide high-value-added service to those who need, appreciate and reward it.

Are your distribution channels set up to serve and delight the HNWIs of the future?

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Trends in customer behaviour and expectations

The informed client: the client advisor is no longer the only source of knowledge

Customers are increasingly informing themselves and embracing self-service. And their favoured means of accessing wealth management offerings on a self-service basis is the mobile app. Led by developments in the retail business, wealth managers will also have to respond.

The interaction of self-service and physical distribution channels

At any given moment, one particular channel might be the most appropriate to meet a client’s need promptly. Seamless and transparent channel switch options are key to optimise the client experience.

Convergence of retail and wealth management client needs

Retail banks now offer multiple touchpoints for customers to connect with them. Wealth managers, by contrast, are still mainly focused on traditional interactions with their high-net-worth clients. This no longer reflects the reality of customers who increasingly expect flexible mobile-first solutions, regardless of the segment they’ve been assigned to.

What does all this mean for wealth managers?

Providing meaningful but cost-efficient service to clients is going to involve adopting a hybrid banking approach. PwC has successfully co-created state-of-the-art mobile banking apps enabling wealth managers around the world to provide a hybrid service giving the option of self-service support but enabling a seamless transition to physical channels. If you are aiming to optimise your distribution channel strategy, check out the deep dive paper and/or reach out to us.

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