The age of digital advice is here
With the emergence of automated advisors and the increasing evolution of consumer-friendly technology, many wealth management firms seek ways to:
- Improve the client experience to remain competitive and appeal to changing investor preferences
- Serve smaller accounts and high potential clients in an engaging and scalable way
- Boost advisor productivity
Digital advice is the latest technology solution to help firms achieve these goals – and more.
Pursuing a digital advice solution is about more than selecting the right technology. Advisors make decisions that are both strategic and technical, impacting many facets of their business. In fact, most advisors with whom Fidelity has spoken are interested in blending both human and digital elements into one solution for their clients. We believe that this combination of high-techustody-Solutions and high-touch will be key to a successful offering. The following four steps provide you with a roadmap to consider when integrating digital advice solutions into your firm.
Step 1: Lay the Foundation
What is your vision for digital advice? As with any new strategy, having clear goals and a firm understanding of the clients that you plan to serve will lay a solid foundation for the business changes that you will likely need to make.
Step 2: Design the Offering