Featured speakers:
- Greg Palmer, VP, Strategy, Finovate
- Ron Bullis, CEO, LifeWorks Advisors
- Timothy Duffy, Solutions Manager, SS&C Advent
In this session that took place during Investment Fuse USA, the panelists discussed the promise of personalization in asset and wealth management. They explained how this will help firms manage customize portfolios at scale and allow firms to focus on working closely with clients. The speakers learned that personalization is becoming increasingly important in the business world, and that there are a number of changes that need to be made from an organizational standpoint in order to provide better customer service. They also learned that the industry is aware of the shift in customer demographics and is working to bring in new groups of people.
Interesting statistics
- Timothy Duffy, Greg Palmer and Ron Bullis said that "NextGen wealth creators are looking for connection to meaning and purpose, and they want an advisor who can provide transparent, customized services on demand. Technology can help create a personalized experience, but it's not the only factor – business model and revenue structure are also important."
- Ron Bullis said that "It is not enough to just build a custom portfolio or model portfolio. Engagement with the client, the technology used, how planning is done, and how the client's financial plan is connected to specific investments are all important factors."
- Greg Palmer said that "There are two things that are important: Making the experience unique to the individual user, and providing a product that meets their needs."
- Greg Palmer and Ron Bullis said that "The question is how important is it for technology and the client experience to be married together in order to be effective? The answer is that they don't have to be married together."
- The speaker recommended considering two factors to benchmark success in business efficiency: (1) whether you are providing more or differentiated services, and (2) whether you are incorporating more information from your clients in the same amount of time