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Navigating Digital Advice: A Four-Step Roadmap

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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.

Getting started

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

With your target clients in mind, clearly defining both the products and services you will offer and the client experience you wish to deliver are essential to creating a digital advice solution for your firm. It will be important to determine how your digital advice offering will compare to what you provide today, and to what you provide other types of clients. Connecting the right technology solution to your needs and naming your new offering are also important components of a successful launch.

Step 3: Determine How to Deliver

Now that you have envisioned an offering, the next step to consider is to create a plan to operationalize it. Identifying the right technology solution, required resources, and operational changes upfront can help you plan for a smooth implementation. Another important item is determining the right pricing structure to support your plans.

Step 4: Create the Go-to-Market Plan
Having a compelling message to share with current and potential clients on the benefits of your digital advice offering will help bolster interest. How you communicate your new offering both internally and externally, transition select clients, reach out to prospects, and measure success over time are critical to successful implementation.

For additional resources to help implement a digital advice solution at your firm, get started here.