MMI-Aon Research – From Innovation to Adoption: Embedding Technology in Wealth Management

There is a strong relationship between highly satisfied clients and the perception that the firm they are working with is a digital leader. Yet over half of clients are unaware of many of the investment and planning tools that their wealth management firm makes available to them. 

Why don’t both end investors and advisors take full advantage of the digital tools their firms offer? Learn more in the third paper in the new research series from MMI and Aon, Advisory Solutions: Expectations and Experiences, which examines gaps that have emerged between client expectations of advisory solutions and firm delivery – and how those disconnects have been amplified by the COVID-19 crisis. 

DOWNLOAD THE FIRST THREE PAPERS

First Paper: The Significance of Personal Values in Wealth Management
Second Paper: Harnessing Generational Differences Across the Financial Planning Process
Third Paper: From Innovation to Adoption: Embedding Technology at the Heart of Wealth Management

Our newest paper, From Innovation to Adoption: Embedding Technology at the Heart of Wealth Management, focuses on digital tools and explores the role technology can play in advancing client-centric organizations and what firms can do to drive both advisor and investor adoption. Among other key findings:

  • A digital mindset is not just a nice to have for advisors, it is a revenue generator. Firms that are viewed as “digital leaders” in wealth management are rewarded with the best client satisfaction scores and higher shares of wallet.
  • Firms that are viewed as technology leaders can enhance their long-term asset gathering potential. Two thirds of younger investors under age 45 agree that they have chosen to partner with firms that they perceive to offer best-in-class digital capabilities.
  • Clients ascribe the highest importance to tools that enable easy communication with their advisors, but only 40% report having such tools available to them.

Want to learn more? Hear from Aon on Ways to Improve the Investor Experience. 
For a detailed overview of the Advisory Solutions: Expectations and Experiences program, hear from Peter Keuls and David Lo of Aon in this MMI NetMeeting. They review some of the surprising gaps in advisory solutions delivery that our research uncovered and suggest ways for firms to close these gaps.

Watch for the fourth report in the series – Advisor Success Models: Redefining Client Centricity – in the next few weeks.

We hope you find this new research valuable. If you have any questions, please contact MMI at (646) 868-8500 or info@mminst.org.