The COVID-19 pandemic has had a profound impact on the wealth management industry. Many of the trends that were already underway, such as the rise of digitalization and the shift to personalized advice, have been accelerated.
In the new normal, wealth managers will need to focus on the following key areas:
- Digitalization: Wealth managers need to embrace digital technology to improve the client experience and operational efficiency. This includes offering online and mobile access to accounts, as well as using artificial intelligence (AI) and machine learning to automate tasks and provide personalized insights.
- Personalized advice: Wealth managers need to shift from a product-centric approach to a client-centric approach. This means providing clients with personalized advice that is tailored to their individual needs and goals.
- Risk management: Wealth managers need to help clients manage their risks in a volatile and uncertain environment. This includes developing risk management strategies that are aligned with each client’s individual risk tolerance.
In addition to these key areas, wealth managers also need to be aware of the following trends:
- The rise of the mass affluent: The mass affluent segment is growing rapidly, and wealth managers need to adapt their offerings to meet the needs of these clients.
- The increasing diversity of clients: Wealth managers need to be prepared to serve a more diverse range of clients, including millennials, women, and immigrants.
- The growing importance of ESG: Environmental, social, and governance (ESG) investing is becoming increasingly important to clients. Wealth managers need to be able to offer ESG investment solutions and help clients understand the impact of their investments.
How Valuefy can help wealth managers adapt to the new normal
Valuefy is a wealthtech platform that can help wealth managers adapt to the new normal in a number of ways. Valuefy’s platform can help wealth managers to:
- Digitalize their operations: Valuefy offers a variety of digital tools and solutions that can help wealth managers to automate tasks, improve the client experience, and gain insights from their data.
- Provide personalized advice: Valuefy’s platform can help wealth managers to develop personalized financial plans and investment portfolios for their clients. Valuefy also offers insights and recommendations that can help wealth managers to provide better advice to their clients.
- Manage risk: Valuefy’s platform can help wealth managers to develop and implement risk management strategies that are aligned with each client’s individual risk tolerance.