The financial advisory industry is now being threatened by new technologies: digitization digital advice, big data, advanced analytics, artificial intelligence are all reshaping the industry. In Asia in particular where there is massive inter-generational wealth transfers, there will be changes as wealth moves from one generation to the next. The expectations of each new generation will be dramatically different from the previous.
Added to this, advisers are also ageing and leaving the industry faster than firms are replacing them. Together these two things could mean a massive disconnect between what the remaining advisory force delivers, compared with what the market expect. The majority of advisers have been very slow to adopt new tools such as mobile app delivery and Robo advisory capabilities. By taking on these capabilities they would be able to serve a much greater number of clients.
Generation X and generation Y investors think very differently about advice and what should be delivered and how it should be delivered. There particular characteristics are:
1. They want to stay in control of their financial lives
2. They are increasingly comfortable with conducting their own research online
3. They are likely to seek opinions and views from multiple sources simultaneously
4. Their expectations are shaped by their interactions with non-financial digital firms such as Google, Facebook and LinkedIn as well as smart phone applications.
5. They expect to access advice anytime, anywhere, any way, through multiple channels and devices leading to a very different experience than has historically been delivered by the wealth management industry.
Financial advisory firms such as Just Service have invested in advanced analytics and new technologies to offer new ways to engage with clients and manage client relationships (and risks).
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