The wealth management industry continues to face many challenges as it recovers from the financial crises of the past few years. And while financial markets have recovered most of their losses since 2008, investor confidence has not yet returned and volatility remains high.
Against this backdrop, investors now have access to a wide variety of investment information online, including analyst research, detailed company and sector financial reports, and data visualization tools previously available only to financial advisers. The combination of poor market performance, availability of information, and low-cost business models that put the investor in control are calling into question the fundamental value proposition of wealth management firms and their financial advisers.
To better understand the mind-set of wealthy investors, we conducted our first wealth management survey in January 2011. An important finding was uncovering a relatively young wealthy investor group we called “Wealthy Under-50s.”
As we shared the findings with our customers, new questions arose including:
Is there a desire for technology-enabled interactions among younger wealthy investors?
Given that many clients value face-to-face meetings with their advisers, how often would they use a high-quality video option?
Is there a “right way” to deploy technology-enabled services and capabilities?
Would video services convince wealthy investors with no adviser to hire one?
What are the main barriers to the adoption of technology-enabled services?
To answer these questions and provide additional insights about wealthy investors, we conducted our second survey 18 months later, in April 2012. The findings show rapidly shifting attitudes about wealth management and technology-enabled services. Specifically, we found:
After only 18 months, the behaviors and attitudes of the Under-50s in the first survey now extend up to age 55 (“Wealthy Under-55s”).
Although Wealthy Under-55s meet more often with their financial advisers, they are less satisfied with those interactions than older investors.
Wealthy Under-55s want more personalized investment recommendations, access to more diverse opinions and expertise, and more frequent access to their financial advisers than they currently receive.
Wealthy Under-55s believe that technology-enabled services that feature video-enabled access to financial advisers would provide them with better advice and more satisfying interactions than they receive right now.
Wealthy Under-55s are much more willing to change advisers. Twenty-percent of them indicated they were likely to change their primary adviser in the next year, compared to only 4 percent of investors over the age of 55.
And perhaps most important for financial services firms looking to capture a share of this market, Wealthy Under-55s are willing to move at least some of their assets to firms that provide these services (57 percent in the United States, 54 percent in Germany, and 51 percent in the United Kingdom). Read More »
We are currently in Cybersecurity month here in the United States, which is to say that our country is trying to raise our awareness in regard to our virtual protection.
So, Cyber Security? What is security for cyberspace…? It’s difficult at times to think of an imaginary border that protects networks, computers, programs and data from attack, damage or unauthorized access. Unauthorized access… so hacking? Yes, but more devious with results that could even lead to injury or death of our population.
Imagine what would happen if, all of a sudden, one of our major cyber systems were “hacked”… What does that mean for us? Think. Just about our whole existence revolves around cyberspace. That’s right, systems operate virtually to be able to manage simple things like pay roll all the way to complex things like flight plans, take-off and landing. Cyberspace is where your Facebook lives, Twitter, personal email accounts, and all of your personal finance information. Has your account ever been hacked by a friend posting a funny blurb on your account? Or has your identity been stolen by a hacker? With technology becoming an extension of ourselves, it’s just important to protect ourselves. Let’s not create an episode of J.J. Abrams “Revolution” if we can avoid it…
What can we do about it? That’s the point of this month is for “us”… yes, us plain ole citizens, to be more proactive in protecting ourselves, our communities, and ultimately our country.
“Americans can follow simple steps to keep themselves, their personal assets, and private information safe online. Here are a few tips all Internet users can do to practice cyber security during National Cybersecurity Awareness Month (NCSAM) and throughout the year:
Set strong passwords and don’t share them with anyone.
Keep your operating system, browser, and other critical software optimized by installing updates.
Maintain an open dialogue with your family, friends, and community about Internet safety.
Limit the amount of personal information you post online and use privacy settings to avoid sharing information widely.
Be cautious about what you receive or read online – if it sounds too good to be true, it probably is.”
My first encounter with Anita Borg Institute (ABI) was hearing Telle Whitney, the CEO of ABI; speak about the need to empower women in technology at the Cisco Women in Technology Forum (WITF). I was impressed by her talk and the years of research and work in this important area. When I was invited to attend the ‘Women of Vision’ Awards by ABI, I was thrilled to reap dual benefits of getting inspired and charged by the award recipients and their stories and at the same time doing my bit of being a role model for graduate students eager to join Cisco. Attending the Grace Hopper Celebration of Women in Computing (GHC), this year held in Baltimore, MD, seemed like a natural course of action for me.
The theme for GHC this year was “Are we there yet?” a question that everyone should ask themselves whether for personal goals or a larger cause.. GHC did a wonderful job to address this theme and spread it across many seminars and talks. There were multiple sessions aligning different tracks like Industry, Security, Academia, Early Career and Social Collaboration, happening at the same time, so the GHC app on my smartphone came in very handy to pick out the sessions of my interest. The app also provided details on schedule, location and bios of the speakers.
In attending numerous educational sessions lead by today’s leadership within community policing and public safety, we’re seeing some common themes emerging with respect to challenges. Some key insights have been as follows: Read More »
As delegates gather for IACP 2012, policing in democratic societies faces the twin challenges of increasing demand and diminishing resources. The period from the mid-1990s has seen the widespread adoption in Europe, North America, Australia and elsewhere of neighbourhood or community policing models. Governments and police forces have responded to popular demand for policing to be responsive to local demand to address crime and antisocial behavior, and to do so in a way which reassures the public that issues of public safety are being actively addressed. It has been an agenda which is rooted in an understanding of and responsiveness to the priorities of local communities.
Public sector budgets almost everywhere are under pressure, and so is neighbourhood policing. Prevention and reassurance are at risk of becoming the focus for cuts, whatever the longer term impact on reassurance and public safety.
So if there is to be a successful future for community policing, it needs to be on a sustainable and innovative basis. This is not just a question of technology, but technology can play its part. There are three areas in which this is the case: Read More »