Coronavirus has completely disrupted the way wealth management works. Chances are, things will not ever return to ‘normal’. Advisors have been forced to turn to the digital world and it’s here to stay.
The digital revolution was coming. Some firms have resisted it, ignoring what was on the horizon. But COVID-19 has been particularly tough on those companies who didn’t have the option to move to a digital infrastructure. The digitalization of wealth management will continue. It’s necessary.
Advice is more necessary than ever. We live in uncertain times and are faced with an unexpected amount of adversity, which is making advice more valuable than ever. In the future, investors will consume more advice via online publications, talks, and videos, and will be more critical while doing so.
Wealth management will be required to deliver broader expertise with personalization on demand and at scale. The digital world has forced services across the board to become more personalized and available with the type of immediacy that was never experienced before.
Already, the Coronavirus crisis has had advisors experiencing record levels of demand, forcing the adoption of digital investing. Social distancing has become a priority and many advisors have moved their work to their home office. They have been forced to figure out remote access capabilities to every piece of their business.
The ability for advisors to adapt to a digital workflow has been incredible. They’ve done so at an unprecedented rate, while having to provide a higher volume advice than has been expected in over a decade.
This is the time for advisors and wealth management firms to grab a hold of their future. It’s the time to create new digital advice models based on the new norms that are here. Those norms were always coming, they just arrived faster than expected. It is time to be bold and move with purpose. It’s time to prepare for the future.
