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Alternative Market Briefing

Digital crisis: 80% of wealth managers unhappy with firm's technology

Tuesday, December 11, 2018

Laxman Pai, Opalesque Asia:

80% of the surveyed wealth managers think their firm's technology is not good enough said a recent survey which demonstrates the digital crisis facing the industry, with money managers under-prepared for the next generation of investors.

The vast majority of wealth managers (68%) know they need to improve their digital technology to survive, revealed the survey conducted by InvestCloud.

Nearly half of investors right now (49%) use mobile apps to manage their investments, and this is only going to increase, and yet wealth managers are by and large very behind on mobile offerings, said the survey 'The State of Digital Investment Management: Adoption and Usage in 2018'.

Investors are now using the digital proposition as one of the key determining factors in selecting a wealth manager (48%) said the study which surveyed 47 UK-based investment managers and 1,019 investors.

The survey looked at the state of digital offerings and capabilities from investment managers. It also asked investors to describe how they use investing apps and rate them.

John Wise, Co-Founder, CEO and Chairman at InvestCloud, said: "The investment management industry is facing a digital crisis. Engagement both online and via mobile is now mission-critical for firms hoping to win the battle for the next generation of investors. Those firms who successfully manage this digital transition will gain access to a lucrative, multi-trillion-dollar ......................

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