8 in 10 search particular person contact as purchasers reject automation

Nearly 8 in 10 (78%) of purchasers need direct contact with a person that may help them in the case of managing their wealth, in line with a brand new report.

The overwhelming majority (95%) of wealth administration purchasers instructed Simplify Consulting they like human interactions over machine/automated ones.

Conventional channels stay essential with 61% of purchasers wanting paper correspondence, and 66% of purchasers over the age of 65 indicating that electronic mail is essential.

Youthful purchasers have been extra prone to need to use social media to speak to their adviser, with 58% of beneath 34s seeing it as an essential communication device, compared to 12% of over 65s.

Three quarters (74%) of purchasers stated customer support is a key differentiator when choosing an adviser, with an analogous quantity saying they need extra entry to their adviser at a time handy to them (73%).

Carl Woodward, co-founder and director at Simplify Consulting, stated: “Up to now, wealth managers might be content material with a comparatively slim demographic. Now they have to serve extra folks throughout a a lot wider vary of age teams by way of completely different types of communication. Every age band has its personal preferences – akin to extra social for youthful purchasers, extra electronic mail for older purchasers – however wealth managers should grasp all of them.

“This implies a sea change for the individuals who ship wealth administration: higher expert brokers, particularly with larger emotional intelligence; and operations workers ditching repetitive duties and specializing in detailed oversight and expertise configuration.”

Simplify Consulting and YouGov interviewed a collection of wealth purchasers from throughout the UK on-line within the first half of 2023.