Note: Since the writing of this blog, the industry estimate for the transfer of wealth has risen to $68 Trillion.


Is your mobile wealth management offering among the best in the industry? If not, it will likely cost you.

According to CNBC:

“Over the next several decades, the biggest and wealthiest generation in U.S. history will transfer roughly $30 trillion in assets to their Gen X and millennial children, and if studies are accurate, most of those children will promptly fire their parents’ advisors[1].”

If that doesn’t get your attention, nothing will.

As Marketwatch explains, millennials don’t trust financial institutions to give them advice. A Facebook study finds only 8% trust financial institutions, 45% would switch financial firms for any better option, and millennials are 2 1/2 times likelier than Gen Xers or Baby Boomers to use robo-advisors to manage their wealth[2].

Why Robo advisors? Most likely because even though Robo’s offer basically the same managed portfolios available through actual advisors, millennials are more comfortable with apps than working with a real person. As we wrote previously, the majority of Millennials (61.2%) say they most prefer to do their banking with mobile apps, and 69.1% said they’d done just that during the previous week.

So, what do they want?

Actually, they want many of the same things that other audiences desire as well. At a high level, these include:

  • Integrated and Consolidated – Clients want all their financial information from diverse accounts consolidated into a single experience, including brokerage, trust, savings, mortgages, banking and more.
  • Anytime, Anywhere Access – All financial information needs to be consolidated and viewable easily via any device, at any time.
  • Intuitive, Easy to Use Interface – Clients expect an attractive and superior User Interface.
  • Transparency – They want real answers to questions about investment performance and costs, especially fees, at their fingertips and in real time.
  • Self Service Tools – Clients want robust capabilities for managing their financial accounts and relationships – many prefer to manage their own investments and perform their own financial planning and risk management.
  • Advice Delivery – Including both automated and digital relationships with their real-life advisors. Millennials in particular are very independent in their financial habits, but even as they seek to make their own decisions they want access to advice, ideas and guidance.

Many digital solutions have offered some of these capabilities in the past but not all. Users might have been able to view basic financial information, but not utilize data from across all accounts for financial planning or risk management. Such capability historically has been limited to handful of the largest firms.

They Also Want A Personalized Experience

Having all the functionality isn’t quite enough either. Millennials and other audiences desire a highly personalized experience. The model isn’t as simple as taking functionality that was done online and making it available on a mobile device. What consumers – and especially millennials – want is an experience tailored to their needs and preferences.

Consider the experience delivered by popular apps from Uber and Venmo to Netflix and Instagram. Apps such as these deliver an experience that makes the user feel special, as if the company were anticipating their needs, sharing information and content with them first before the mainstream and proactively making suggestions that can improve their experience and make life more enjoyable.

That’s the design philosophy behind technology as displayed and described below:

1. Screenshots of the latest version of Wealthsqope’s Mobile offering for Wealth Management
  • Relationship Dashboard View:  Provides a single comprehensive view across all financial accounts making a client’s investment relationship with the financial institution easier to understand and navigate with direct access to account-level detail
  • Product Display and Interactive Features: Offers intuitive, touchable charts and navigation commands allowing users to more easily view, interpret and take action across the app
  • Dynamic “Take Action” Functions:  Gives the user the ability to act immediately on information presented (for example, get a quote or trade a specific holding when viewing their holdings)
  • Enhanced Research & Trading Experience: Persistent access across the app, globally and contextually, to perform investment research and quickly place a trade with order entry pre-fill
  • Markets & News Accessibility:  Provides direct access to market performance and news in both authenticated and unauthenticated states, delivering quick access to relevant information

Trillions of dollars are poised to pass into the hands of the millennial generation who have very high expectations for service-oriented technology.  Financial firms who fail to prepare to meet the digital expectations of this new generation will be left behind.

Does your firm need to get on the road to digital?  Contact us today to learn how Scivantage can help you accelerate your digital transformation.

[1] CNBC, June 16, 2016

[2] Marketwatch, March 14, 2018