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How Digital Wealth Is Transforming Your Customers

Key takeaways

  • We are used to using digital devices and having information readily available. This has to be the standard for financial services as well
  • Digital tools and financial advice can help remove the emotional weight of decisions and help people be better investors
  • Investing is all about time in the market

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Robert Di Iorio

Vice-President & Portfolio Manager at RBC Dominion Securities

Vice-President & Portfolio Manager at RBC Dominion Securities

Qn 1: What’s the number one thing your customers want, and what matters to them most? 

Answer: Customised simplicity is incredibly important. What we see on the back end is obvious to us. What is not obvious is what the client sees and interprets. The key is using technology and financial tools to promote good behaviour and the notion that clients do not need to use their emotions to make good financial decisions.

Qn 2: What strategies have you used to address the digital gap?

Answer: Online access is driving business and it has enabled us to have clients all over the world. While this is great, what we lack is digital visualisation or coaching. Some Fintechs are branching into that and using visual tools to project what clients can achieve with certain actions. However, those are driven by inputs from the investor. 

When you have a wealth management team coaching and educating on these actions, clients can better understand the benefits. This is why we’ve created an online tool for each of our clients that offers customised advice, helping them become better investors.

Qn 3: Which solutions do you currently, or have tried to, use to address the digital gap? 

Answer: As an individual, I can only do so much personal coaching. I would like the AI to help me execute and send the appropriate response to clients. However, there is a careful balance that needs to be struck. Wealth managers are fearful that if they push too much information to AI on the investment side, it might offer clients the agency to take actions that potentially disrupt planning such as investing based on headlines.  

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