Wealth managers have spent the past several years rejiggering and transforming their operations for digital-first methods of client communication, investment strategy development and trade execution.
Now, they want one main thing from their digital engagement with asset managers, according to a recent study by J.D. Power: an easy experience. Next to investment returns, advisors look for ease of doing business when they choose asset managers they most frequently work with.
“Returns will always be important, but when enhancing brand perceptions and differentiating in a hypercompetitive group of asset managers who are all subject to the same macro market conditions, ease of doing business and seamless interaction between digital and traditional channels is the key,” Craig Martin, head of wealth intelligence at J.D. Power, said in a statement.
Related to this, Martin said, is that the average number of asset managers that advisors used this year fell to seven after holding steady at eight for the past three years.
“As advisors consolidate their asset manager relationships,” he said, “they are increasingly investing with those who make it easiest for them to do so.”
