According to research by SEI, while 92% of wealth managers still regard face-to-face meetings as the most important communication method, the large majority of investors want to receive communications electronically.

Among private wealth clients, 82% said they would prefer to have access to their financial statements online. Additionally, respondents indicated they want a communication strategy based on straightforward, focused, and relevant information; overwhelmingly, investors choose their wealth advisor, at least in part, for their ability to filter the white noise that permeates the investment markets.

Wealth managers have made strides in providing investors with easy-to-understand information, and the industry scores high points for its personal communications, both with face-to-face meetings and on the phone. However, wealth managers are not meeting investors’ increased expectations for online reporting. While half of the investors polled want their wealth management firm to upgrade their systems to support a broader, more interactive online relationship, only 4% of wealth managers indicated online communication, via a web portal, as a priority. Even more surprising in today’s digital age, only one in three (33%) wealth managers indicated email communication as a priority.

The study also found investors want more targeted communications, as three-quarters of the investors polled cited the lack of targeted product communication as a negative theme. Overall, they expect the wealth management industry to empower them by providing them with the means to access information and services how and when they want—and they recommend that wealth managers take cues from Apple, Google, and Amazon in reforming their communication strategies.

The findings are part of the latest SEI global study entitled Communication in the Information Age, which explores the value clients place on the dialogue they have with their wealth advisors and the importance of innovative communication strategies that enable open-channel communication.

The report is the final paper in a series of five topic-of-interest papers exploring the changing relationships between wealth managers and clients. The findings are the result of in-depth interviews comparing the views of 250 private clients and wealth management providers, including banks, independent trust companies, and investment advisors.

http://www.seic.com/enUS/about/6527.htm