The report found that adviser recommendations remain critically important to advised clients who still value the "human touch" as important even though they expect digital engagement as standard.

The report suggests that Millennials and younger investors with significant funds and income to invest value the involvement of a human financial adviser in managing their wealth rather than relying solely on digital services.

Around the world the number of Millennials willing to pay more for personalised service was highest in Latin America at 70%, Asia Pacific was 47%, Europe 33% and North America 22%.  

Data and research provider Refinitiv carried out the research with 1,500 self-directed and advised mass affluent and HNW investors in 13 countries around the world.

The findings are published in a new wealth management report called ‘Getting Personal: How wealth firms can attract and retain the modern investor’. 

The report reveals there is a growing appetite among younger investors for more personal products and services, including advice, but firms must adapt to the different needs of Millennials and the way they approach them.

The study highlighted the need for wealth managers to “personalise” the client experience through a combination of digital offerings and "high-touch" service.

This was the best way to ensure that existing clients stayed engaged and prospective clients felt that their money and their future will be cared for over the long-term, the report said. 

The study found that to build client-centric solutions to attract and retain investors, wealth management firms needed to understand what “sets their investors apart and what similarities they share.”

Key findings of the study include: 

• 58% of adviser-led investors and 62% of hybrid adviser and self-directed clients say ‘adviser recommendations’ are the most reliable source of information
• 64% of Millennials and 51% in the 35-54 age bracket are willing to pay more for personalised investing products and services
• 51% of investors globally are familiar with sustainable investments
• 32% of Millennials believe tokenised assets will have the biggest positive impact on financial markets, followed by 23% for non-fungible tokens (NFT)

Key takeaways from the study include five steps for advisers to personalise their client experience, include exploring the demand for alternative investments, using social media to increase engagement, enhancing mobile device access to portfolios, keeping it simple for clients with a ‘single view’ of investments and leveraging technology to enhance and improve the ‘human touch’, not replace it.

Sabrina Bailey, global head of wealth, data & analytics at Refinitiv parent LSEG said: “As investor needs continue to change and reflect new ways of investing and doing business, so too must those of financial advisers to retain clients and grow their business. 

"Our report makes clear what those key investor expectations are and what financial advisers need to do to inspire confidence: provide a broader range of digital capabilities, personalised products and services, and alternative investment opportunities.” 

To view a copy of the report visit:  https://www.refinitiv.com/en_us/resources/special-report/getting-personal-in-wealth-management