The “Spotifying” of wealth advice

High-net-worth clients are used to the traditional wealth management model of customer engagement and advice, and it works well for them. Advisors focus on their needs and build relationships to best serve them.

Using this old model, the wealth industry simply cannot offer its valuable, custom services to a broader subset of clients. Advisors are busy serving existing clients and are challenged in their ability to scale their services to reach more people. Leveraging a new, hybrid model of doing business, however, could open the door to possibilities that traditional firms could only dream of, with attractive economics, greater scale, and data-driven advice.

Expert advisors will remain crucial to the process—and they’ll have a game-changing edge. Using data-driven advice to provide tailored wealth management to more consumers, they’ll have more time to use their significant industry knowledge, experience, and ability to establish and deepen client relationships.

The future of wealth management lies in harnessing hybrid business models, not only for the attractive economics and scalable personalization, but also for the potential reach of firms offering high-quality, custom advice and a seamless customer experience.

In this paper, we will:

• Examine the specifics of data-driven advice and the impetus for adopting the capabilities to deliver it
• Explore a Spotify case study and draw parallels to the wealth industry
  
• Share modern advice and engagement use cases and strategies
• Propose a practical approach for wealth management firms to accelerate their data-driven advice plan and capability buildout

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