The digital component of the adviser/client relationship has become a critical factor in the quality of that relationship, particularly for affluent clients, says one industry expert.

Commenting on the results of a recently-published survey, President of US -based consulting firm, i-Impact Group, Claudio Pannunzio, noted that when it comes to delivering a great service experience, advisers should keep in mind the now crucial role played by the digital component of that experience.

Among other outcomes, the study (Futurewealth Report 2014: Upgrading the Service Delivery), which surveyed  over 3,000 affluent investors worldwide, reported these clients were more concerned about an adviser’s attributes such as their level of experience and market knowledge than they were about the adviser’s digital delivery capabilities, including their ability to simulate portfolio strategies online or to customize online reporting or deliver an easily navigable website.

While these results appear to contradict the argument that supports the value of digital interaction for high net worth clients, Mr Pannunzio said nothing could be further from the truth:  “… the study also revealed that 92 percent of investors under age 40 use online tools to learn more about their transactions and support their wealth management decisions.”

Mr Pannunzio also pointed to other findings that revealed 50 percent of surveyed clients declared that they log on to the online account they have with their financial planning firm to:

• Read market reviews (55%)
• 
  Check performance analyses (55%)
• 
  Find information about securities (51%)
• 
  Review portfolio evaluations (51%)

While the results seem to suggest the adviser’s knowledge and experience remain critical, Mr Pannunzio advocates that the overall results from the study clearly underscore how crucial digital technologies have become for clients. He added that younger clients, in particular, have an active online life and rely significantly on the internet and social media to access a wide array of information, including financial products and services. “This is the reason why digital engagement must become an essential component of advisers’ communication with their clients and prospects”, he said.

Mr Pannunzio concluded, “The ultimate goal of advisers’ digital engagement is to deliver to their clients and prospects the exceptional service experience they are seeking through their preferred communication medium.”