The Next-Generation Wealth Advisor

Harnessing Data and Technology to Drive Business

As the investment industry reinvents itself for a digitally-connected world, wealth advisors must also radically reimagine and retool their businesses. Unfortunately, many have not moved quickly enough — or at all — to make the necessary changes, putting their future market position at risk.

In this paper, ESI ThoughtLab and Broadridge provide a roadmap and business case for wealth advisors looking to both realign and digitally transform their practices.

Topics in this white paper include:

  • An industry in flux — The convergence of economic, demographic and technological shifts has turned the investment
    industry upside down. These shifts will have major implications for wealth advisors, who will need to adapt to the changing expectations of their clients to thrive — and even survive — in the tumultuous times ahead.
  • Are advisors prepared? — Many investment advisors and their firms are struggling to keep up with the dizzying speed of change. ESI ThoughtLab’s research shows that a significant number of them are not well prepared in many crucial areas, such as holistic goal planning and fintech solutions.
  • The next-generation advisor — To stay relevant in a fast digitalizing marketplace, wealth advisors will need to rethink their roles and how they drive value to investors, finding innovative ways to combine high-tech capabilities with high-touch personal service. Doing this successfully will require a new breed of advisor that is bionic, data-enabled, client-focused, holistic and 24/7.
  • Driving transformation with technology — For wealth advisors, technology is both a disruptor and a panacea. Digitalization is raising investor expectations for low-cost, frictionless service, but at the same time providing forward-looking advisors with new ways to meet client needs, make decisions and drive business.
  • The ROI of digital innovation — Although getting up to speed on technology can be challenging, the payback can be significant. Wealth advisory firms that move too slowly not only will miss out on these benefits, but they will pay a “laggard penalty” in the form of poorer performance.

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