The news: US wealth managers’ apps scored higher in key client experience metrics in 2021, including satisfaction—but more work is needed to catch up to banks and insurers, per a JD Power Study.
The data trends: US firms’ increased tech investments paid dividends as client satisfaction improved from 2020—yet they still trailed other financial services players’ apps.
Next steps: As wealth managers strive to enhance their mobile apps— a key customer experience battleground for financial services firms—enabling access to investment insights, alongside providing direct access to advisors, will improve satisfaction.
Investing in digital tools that allow clients to access educational information through the app, such as market updates and insights on their portfolios, will improve satisfaction.
Compared to other financial services firms, wealth managers’ core value proposition is the high-touch advisor-client relationship.