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Pascal Wealthtech To Offer Behavioural Finance Tool InvestorEQ – Wealth Tech Digest #48

Key takeaways

✅ Pascal Wealthtech To Offer Behavioural Finance Tool InvestorEQ As Standalone Product

For our first digest today, InvestorEQ, Pascal’s powerful behavioral finance tool is now available as a standalone product. Powered by Syntoniq, global leaders in behavioral science, InvestorEQ leverages scientifically validated psychometric modules to aid financial advisors. Because of this, financial advisors gain deeper insights into their clients’ investing behaviors. Furthermore, clients are able to acquire a deeper understanding of their own motivations. Pascal CEO Howard Atkinson, after making the announcement, commented that what advisors really want to hear from their clients is “my advisor gets me”. He continues by saying InvestorEQ gives advisors more of those moments. Studies from Syntoniq show how this innovative tech can transform an advisor practice. Advisors using InvestorEQ experienced an 85% increase in prospect conversions, 160% increase in referral rates, and a 78% increase in client engagement. Pascal President Mark Doyle said advisors need to communicate with clients in a way that encourages positive outcomes and emotional satisfaction. To that end, InvestorEQ’s eight detailed investor profiles and its dynamic risk range really help advisors make that EQ connection with their clients. It is no secret that financial services companies are embracing digital tools such as InvestorEQ more than ever.

✅ Nearly 70% Of Wealth Management Clients Now Expecting All-Digital Onboarding

For our second digest today, we take a look at how the effects of the pandemic have changed consumer attitudes on wealth management onboarding. Not too long ago it would have been unimaginable for clients to take advantage of wealth management services without having a face-to-face meeting with an advisor. Nowadays though, 68% of wealth management customers are expecting a fully digital onboarding experience. This statistic was provided by OneSpan, a company specializing in digital identity and anti-fraud solutions. OneSpan reveals that this statistic along with other key industry trends from Celent indicates a significant industry shift since the initial disruptions of the pandemic. In an update, OneSpan says wealth management firms are accelerating investments in front-office tech to encourage growth while meeting changing customer demands. In addition, while projections indicate a full economic recovery will not occur until 2022, wealth management firms are already preparing for the rebound by investing in IT. The Celent Wealth Management Technology Forecast highlighted that even Europe and the Middle East finally turned the page to a new post-pandemic chapter. It adds that the crisis has led some firms to adopt new technologies such as digital onboarding, hybrid advice, and cloud migration. Although much uncertainty remains, it is imperative that companies invest in the appropriate tech solutions so they can keep pace or risk being eclipsed.

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