Now that you know some similarities and differences between high net worth (HNW) investors and other Generation D investors, let us look at the interesting facts on what specific tools HNW investors value, particularly in their digital client experience. HNW investors see mainly educational and planning tools and services as true difference makers.

The difference makers

The high net worth Generation D investors we surveyed listed the following ten unique tools as difference makers—all of which support long-term investing. Tools that enable:

  • Education on long-term goals
  • Account category setting
  • 360-degree account view
  • Auto asset allocation
  • Account transfer/pay trigger
  • Customizable look/feel
  • Estate planning
  • Future portfolio analysis
  • Retirement planning
  • Scenario analysis

This is significantly different from non-high net worth Generation D investors who listed fewer and more “transactional” tools in this category.

The nice-to-haves

Read the report.
Read the report.

HNW investors listed the following tools and services as nice-to-haves that aren’t essential, but could move up to difference makers:

  • Cash flow monitor
  • Flexible budgeting
  • Account aggregation

Compare these services with the differences in tools and services that non-high net worth investors find nice-to-haves: chat features, video communication and customizable look/feel, among others.

Bottom line: firms have only just begun to focus on digital tools and services that are specifically tailored to the complex needs of HNW clients. Many firms are still implementing a one-size-fits-all approach, offering the same set of services to HNW clients as they do to mass market and affluent clients, but they risk losing clientele and market share as a result. Firms of the future consider digital strategies unique to high net worth individuals.

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