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What Do Wealth Management Clients Want to See, Think, and Feel When Engaging with Data?

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This is a sponsored article from FactSet.

In 2018, FactSet, in association with Scorpio Partnership, carried out a global online poll of 877 investors with an average net worth of $4.88 million. Respondents from the US, the UK, Singapore, and Switzerland answered questions on the digital transformation of the wealth management industry with a focus on three key areas driving disruption: optimisation, visualisation, and personalisation.

Our findings indicate that optimised technology, improved data visualisation, and highly personalised content can empower firms to supply clients with the tools and insights needed for a better digital experience, while boosting firms’ competitiveness and advisor efficiency. In analysing the data, there were clear global trends in how high net worth investors perceive their experiences working with their wealth managers. However, we also observed key regional differences in terms of expectations and outcomes. Because approximately 25% of our global survey respondents were based in Singapore, we can use their responses to make some conclusions about the demands of investors in Asia.

Asian investors want more customisation and real-time updates
Overall, survey respondents in Singapore tend to have a more negative view of their current online interactions with their primary wealth manager than respondents in other regions. Nearly one-third (31%) of respondents in Singapore feel that the information on their primary wealth manager’s platform is not customisable to their interests and goals, e.g., news, investment ideas, etc. This compares to the dissatisfaction of just 23% for the entire global survey group.

These investors have ideas for improving their daily interactions with their wealth managers.

More than half of the Singapore respondents want real-time analysis and reporting on their investment portfolio as well as automatic portfolio re-balancing in response to market events. Fifty-three percent want investment suggestions from their wealth manager that are tailored to their areas of interest. As shown in the chart below, the investors from this region are far more demanding about these requirements than the broader survey sample.

While wealth managers pride themselves on offering a “bespoke” experience, only one-third of high net worth investors globally believe their portfolio information is fully customised. US investors are most likely to say the information they receive from their wealth managers feels personalised (approximately 50%), while those in Singapore and Switzerland are less likely. Roughly 25% of those surveyed in Singapore gave their primary wealth management firms high marks; these were the worst rankings of any region in the survey.

Q: To what extent does the information you receive from your primary wealth management firm seem personalised?

Sources: Scorpio Partnership, FactSet

Not surprisingly, those investors who receive highly personalised portfolio information also tend to be most satisfied with the quality. Globally, one-third of those surveyed said they were satisfied with the information they receive from their primary wealth management firm. While nearly 60% of US investors give top marks for the insight they receive on their investment interests, just 25% of Singapore investors gave their advisors high ratings.

Visualisation is key for investors in Singapore

A clearer synopsis and interactive tools are the most desirable improvements to information delivery. Investors in Singapore believe more signposting in written commentary, infographics, and charts to illustrate portfolio performance would improve their engagement with the information provided by their wealth management firm. As shown in the chart below, Singapore survey respondents place a higher value on these visualisation features than the global survey sample.


As our survey of high net worth investors illustrates, investors in Singapore are looking for customisation, real-time analytics and reporting, and digitised information delivery from their wealth advisors. Compared to other regions, these investors are more dissatisfied with their current online wealth portals and are demanding more digital enhancements. Clearly there is an opportunity in Asia for wealth management firms that can meet the demands of investors in the region.

To learn more about FactSet and our solutions for wealth managers, please visit factset.com/wealth.

This is a sponsored article from FactSet.

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