Deloitte and Avaloq release joint whitepaper dedicated to digital wealth advisory

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Deloitte and Avaloq release joint whitepaper dedicated to digital wealth advisory

Press Release

13 October 2017

In the whitepaper published this week, Deloitte and Avaloq combine their expertise and explain why different models of digital wealth advisory match different group of investors. The first step for wealth managers, however, is to clearly define their digitization strategy.

Luxembourg, 13 October 2017: As digital solutions are disrupting the financial services industry, new models of digital wealth advisory are emerging. Financial investments are no longer limited to affluent investors, and new, tech-savvy customers enter the scene with different expectations than the traditional financial investor. In this new landscape, wealth managers would need to adapt their approach and embrace digital solutions to serve the full range of customers. This is the context for Deloitte and Avaloq’s joint whitepaper Emerging models of digital wealth advisory.

Robo-advisory is not for all

The whitepaper describes some of the most common models for digital wealth advisory, and suggests that the target group, the customer’s investment philosophy, and expected service level are crucial components when defining the best advisory approach. While retail investors are sensitive to cost and looking for fully automated robo-advisory, mass fluent investors generally prefer to combine digital advisory with human interaction. High Net Worth Individuals, on the other hand, expect to have a personal relationship with their wealth manager and are less inclined to welcome digital models. The whitepaper highlights the importance for private banks and wealth managers to clearly define their strategy before they embark on their digital transformation.

“More and more wealth managers are investing in new technology and improve their digital offering to match their customer’s expectations. What is important to bear in mind, however, is that a digital solution is as much about strategy that it is about technology. Without a clear strategy, the investment may not give the desired result,” explains Steve Hauman, Partner at Deloitte Luxembourg.

The whitepaper also illustrates the different options banks and wealth managers have when opting for robo-advisory, and explain the pros and cons of building the solution in-house, as opposed to working with established Fintechs or building on existing platforms.

“Technology enables multiple models of wealth advisory, and digital offerings play a crucial part when banks want to serve new markets. It is important to note, though, that a shift to technology-based solutions also requires a change in the company culture for a seamless client experience,” comments Thibaut Jacquet-Lagrèze, Head of Group Marketing at Avaloq.

Matching tech and strategy

Avaloq, a leading finTech company providing banking software and Business Process as a service (BPaaS), and the global consulting firm Deloitte are combining their respective skillsets to share insights and guide banks and wealth managers in their ongoing transformation process. The whitepaper is the result of this work.

The whitepaper is available here:

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see for a more detailed description of DTTL and its member firms.

Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 225,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.

About Deloitte in Luxembourg

In Luxembourg, Deloitte consists of 90 partners and over 1,800 employees and is amongst the leading professional service providers on the market. For over 65 years, Deloitte has delivered high added-value services to national and international clients. Our multidisciplinary teams consist of specialists from different sectors and guarantee harmonized quality services to our clients in their field. Deloitte General Services, société à responsabilité limitée, is an affiliate of the Luxembourg member firm of Deloitte Touche Tohmatsu Limited, one of the world’s leading networks of professional services firms.
© 2017 Deloitte Luxembourg.

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