Customer behaviors are shifting, based on Accenture’s Global Distribution & Marketing Consumer Study of 33,000 customers in 18 markets, including nearly 10,000 consumers of Investment Advice.
For investment advisors, the survey raises questions. How will advisors bring digital innovation, while still observing traditional values? How will they maintain trust and loyalty in a digital first environment?
Our study identified three groups of consumers that show different behaviors and preferences around how they want to interact with their investment advisors
This digitally active group is ready for new delivery models. They are willing to share their data in exchange for personalized services. Nomads are comfortable with computer-generated support and with receiving services from non-traditional providers. They make up 58% of investment advice respondents.
Ready to transition to a new digital model
Seeking enhanced personalization
Already self-serving where possible
More likely to respond favorably to digital tools and services
These consumers search for the best price. They want to buy financial services from traditional providers and, while they operate well in a digital environment, they also place value on one-to-one engagement. They make up 8% of investment advice respondents.
Are primarily driven by getting the best deal on price
Humans’ ability to cut through complexity is vital
Will share data for more competitive pricing
These loyal customers value brand integrity and service excellence, and will work with providers who put customers interests first. Price is less important than elements such as data protection and responsive service. They make up 34% of investment advice respondents.
Are driven by service quality and trust
Will share data if it delivers personalization
Are looking for greater transparency
Our study looked across Financial Services to understand financial customers’ wants and needs. Five above-line trends emerged, as well as specific regional and financial industry findings. See what else our survey reveals.
Global Managing Director,
FS Distribution & Marketing Practice
Piercarlo is Accenture’s global lead for its Financial Services Distribution & Marketing practice, which covers work in distribution channels (such as branch, mobile, web and social media) and marketing (such as big data, analytics and CRM).
FS Distribution & Marketing Practice, Wealth Management Lead
With over 25 years of Capital Markets and Wealth Management industry experience, Silvia leads the wealth management offering within the Distribution & Marketing Global Practice. She has extensive experience implementing successful digital transformation initiatives for the advisory process.
Accenture Wealth Management
With over 15 years of broker dealer and advisory industry experience, Kendra is a managing director in Accenture’s Financial Services group focused on wealth management strategy. Based in Toronto, she leads Accenture Wealth Management Services in North America and the Management Consulting Development Program in Canada.