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WEALTH TALK SUMMARY - Moving towards hybrid advisory models in Asia

Speaking at Hubbis’ Digital Wealth event in Singapore in June – David Wilson of Capgemini says that while digital advice is here to stay, a hybrid model is the future.

According to David Wilson, head of Asia wealth management at Capgemini, hybrid advisory services will be the way forward as digital advice continues to gain traction in the region.

The consulting firm has recently canvassed the views of 1,000 HNW individuals, and while further responses are still to be processed, findings so far show that these clients want an individual, customised and personalised experience from their current advisers.

The research also highlights that 80% of HNW individuals in Asia would consider leaving their wealth management firm due to a lack of an integrated channel experience.

The data, says Wilson, has been consistent across age, gender and wealth band.

He also explains that research has shown the hybrid process will not be “one size fits all”; the responses for options including fully-digital automated self-service, full advisory, digital approach, hybrid approach or digital channel with the ability to tap into an adviser all received support. As such, the message suggests that every HNW journey and solution will be different, with the key being to personalise the experience.

Wilson sees the hybrid solution as poised to take the lion’s share of the digital business due to efficiency benefits, mainly in saving advisers’ time. Yet he warns that soon the banks will no longer be at the centre of clients’ attention – unless they take up the challenge to interact and also introduce approaches to determine how clients will choose to interact with them.

At the same time, banks are currently making inroads to understanding what needs to be achieved within a hybrid environment; many of them, for example, have now implemented a transformation programme towards hybrid advice.

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