Email still remains one of the primary forms of communication between wealth managers and investors, with the 2018 Mass Affluent Investors Survey suggesting its use is increasing.
Between 2017 and 2018, the proportion of investors communicating with their advisor by email increased by 10 percent.
However, Oliver Wintle, associate wealth management analyst at GlobalData, said that despite the increase in emails, the communication form is not perfectly suited to client-advisor communication, with the risk that communications are marked as spam and are therefore not read by the customer. .
The data and analytics company said using chat apps provides wealth managers with a quick and easy way to contact their clients and increase engagement levels.
“However, one problem with chat apps is that the wealth management company does not own the data, unlike the third-party messaging service,” Mr Wintle said.
“Additionally, if the advisor leaves the company, their history of conversations with the client also changes. »
To address compliance and data ownership challenges, GlobalData suggested looking to include chat features in their main online and mobile platforms, adding that “partnering with third-party IT providers such as ‘Moxtra’ could be a solution.
Mr Wintle commented: “Wealth managers need to ensure that their chosen communication channels are not easily overlooked by clients.
“Increased engagement will undoubtedly result in better customer retention, but also a higher level of customer involvement in their portfolio.”
