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How To Transform Hyper-Personalization in Financial Advice

Key takeaways

  • Interactions between clients and managers should be a hybrid of personal and technical approach.
  • Personalized information is event-driven and dependent on transactions.
  • Financial planning is crucial in mitigating the implications of trouble in the market. Personalized advice should head in the same direction to offer more support.

Keith MacDonald

Senior Adviser Wealth Management at Ernst & Young

Senior Adviser Wealth Management at Ernst & Young

Qn 1: What are your thoughts on the recent increase in hyper-personalization in financial advice?

Answer: Digitization has brought about much acceleration in many aspects of wealth management but has given rise to several new problems as well. Two years ago, the circumstances would have been very different than the climate we have to consider now, and the future going forward. Given that, it’s fairly difficult to identify the patterns that are just slowly emerging. Particularly about the different stakeholders, services, markets and the types of clients.

Qn 2: What is an example of how personalized financial advice can work in the future?

Answer: The Covid situation has proven that new technology facilitates relationship building, for example, there’s a shift in physical meetings to connecting virtually. In the same way, financial advice should be a combination of self-service data dissemination as well as personalized relations that come in when there’s a transformation in the client’s life. Financial planning is crucial during bear markets. However, much of the technology around wealth management caters more to investments rather than goal-based planning. The maturity of the technology for such programs are still in the earlier stages, and are not fully stretched to accommodate all behaviors especially since markets differ between regions.

Qn 3: What is your company doing to increase customer engagement and confidence in their financial institutions?

Answer: We try to serve the whole market spectrum, not just our organization but the clients as well. There’s an effort to rebadge investment managers as planners and support personal relationships at the appropriate time and life stages through the use of technology. Debate surrounds the use of artificial intelligence analytics to support more complex relationships, but there’s a fair potential for such tools in the mass market of affluent going into affluence.

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