As technology continues to disrupt the wealth management industry and end-investor expectations evolve, firms increasingly need to consider digital strategies that provide richer, more valuable experiences for their clients. To meet the high standards of today’s investors, it’s critical to think not just about optimizing technology tools, but about transforming the user experience through comprehensive, streamlined platforms that help drive collaboration.
To make the shift, we believe firms need to embrace a digital mindset and increase what McKinsey & Co. calls their “Digital Quotient.” Just as IQ measures intelligence quotient and EQ establishes the capability of individuals to recognize emotions, DQ is the metric for the digital maturity of a company based on its practices related to digital strategy, capabilities, tools and culture. Having a high DQ can help deepen client relationships by moving your firm up the advice value stack, helping your clients achieve true peace of mind and fulfillment. It can also make your firm a destination for top talent.