I was struck by recent JD research: Power on the Use of Wealth Control Programs, which revealed that only 35% of wealth control programs featured chat functions and that only 41% supported secure messaging: two key communication channels followed through Generation X and millennials at the height of the pandemic , the survey found that 31% of investors said they had had no recent contact with an advisor.
While investment products are less expensive and the robotics recommendation is gaining popularity, the personalized recommendation, tailored to the client’s scenario, remains the Achilles heel of digital.
To close the gap, virtual adopters are now turning to new consulting channels.
The financial recommendation is experiencing explosive expansion on Reddit, the world’s third-largest social network through active users (behind Facebook and Instagram). Its main “Personal Finance” network has more than 14 million members, thousands of whom actively read each and every one. time of day. In addition, there are at least fifteen non-public regional financial communities; the British network (with more than one hundred and seventy thousand members) has even generated a complementary Wiki site.
In January, I commented on how banks and wealth managers would exploit unstructured knowledge in all types of applicable content by 2020, including real-time data and precautionary symptoms that can help monetary companies personalize their offerings, identify new investment opportunities, and disclose risks.
Active virtual communities are just that kind of content. “The volume and quality of talks in virtual monetary communities shows a massive call for monetary recommendation. “says Vered Zimmerman, managing director of FinText, a British financial technology company that uses artificial intelligence to analyze investor conversations. “This makes online communities the organization of maximum biological concentrate imaginable. Members are constantly there to recommend and discuss options. They explain their opinions. Your dissatisfied desires” are all visual here».
Reddit’s investment network is in line with the US stock market. But it’s not the first time FinText found that the number of new daily conversations tends to be strongly correlated with the S volatility index
(the VIX).
According to Zimmerman, a breakdown of the topic of conversations within this network shows that discussions on monetary recommendation requests are an important component of the overall conversation. (Other popular topics, he adds, include company-specific inventory prices, currency news and – – problems on virtual platforms and tools. )
Social listening: a competitive credit for asset managers
In a recent survey on the state of wealth management, EY, which found that better-informed consumers were less likely to transfer suppliers. The same study also showed a growing appetite for independent monetary advisers, i. e. in thriving, high purchasing mass segments. The study concludes that the way forward for classical wealth managers is to build, accept as true, and demonstrate price through brainstorming and monetary advice.
For years, I’ve talked about the desire to adapt messages to Generation X and Generation Y. Social listening helps estate managers convey the right message. For example, younger generations, affected by the global monetary crisis and the payment of their student loans. , face higher degrees of indebtedness than boomers at their age. It is not unexpected that a recurring theme in investor talks is the generational wealth gap.
“Throughout 2019, the hole in generational wealth has hit a raw nerve in the investor community,” Zimmerman says. In each of last year’s quarters, at least one of the top five active topics similar to these considerations. When covid’s pandemic arrived, this anxiety became considerations about economic recovery and employment levels.
Social listening is also helping asset managers identify trends. FinText monitors a variety of topics on behalf of its customers. The results, Zimmerman says, are surprising.
Bitcoin, for example, is very alive. ” Young investors see it as a kind of emerging asset, almost gold. We see that they see the lack of general interest of institutional actors as an opportunity to generate value. by providing data on portfolio control that includes bitcoin, and earning credit in a newly neglected niche.
Traditional asset managers take a closer look at the appropriate advice
Over the summer, I wrote about a Broadbridge survey, which found that 77% of monetary advisers surveyed in the US have been able to do so. But it’s not the first time And Canada reported that they waste business because they have the right generation to interact with their customers. -The fifth of his books.
Digital offerings have disrupted wealth management, but they have also left the market hungry for quality advice, which adapts to customer demands in real time. Social listening provides a window into those demands. It identifies customers’ desires at times that change their lives, when they are up to likely to look for monetary processing plans, and identifies unattended news niches.
Will wealth generation be up to date?Who knows, but right now, social listening gives asset managers the ability to escape the cookie cutter style and expand their own merit.
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I am the founder and CEO of global wealth control marketing company, The Rudin Group, which offers tailored marketing to some of the world’s largest wealth control companies.
I am the founder and CEO of global wealth control marketing company, The Rudin Group, which has been offering tailored marketing to some of the world’s largest wealth control companies, banks, family circle offices and more in the world since 2008. An early leader in the social media industry and virtual channels, I am revered for being identified through Onalytica as the number one influencer in controlling online wealth.
My company provides strategy and execution to wealth control clients/global monetary services to refine your message, decorate content creation and build logo and control visibility. I make an annual contribution to capgemini’s Global Wealth Report and speak at meetings on wealth control, wealth generation and monetary generation in the United States, Europe, Asia and Africa.