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According to the press release from J.D. Power, the study was based on feedback from 6,217 full-service and self-directed clients of leading U.S. wealth managers and found that:
- Across the board, wealth managers are achieving better client satisfaction through mobile apps than websites. This trend is most evident among self-directed investors, who on average scored their satisfaction with mobile apps 34 points higher than with websites. Full-service investors have the same preference albeit less pronounced, with an 11-point difference in average satisfaction scores.
- Younger investors prefer digital channels, especially when it comes to service. 74% of Gen Yers and Zers rely primarily on digital channels for communication related to services, with 59% and 56% of them saying they turn to digital for advice and planning, respectively. Boomers and Gen Xers still prefer non-digital channels.
- Full-service clients using mobile apps are happier with firms, with more frequent usage translating into higher overall satisfaction scores. Such clients using mobile apps every day gave firms an average of 97 more satisfaction points than those who never use mobile apps and 53 more than those using mobile apps only once per year.
- Large firms, likely devoting significant resources to building digital capabilities, create the best digital experiences for clients. J.P. Morgan ranked first in the study among self-directed clients and second, behind Citi, among full-service clients.
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Wealth management is one of the most important financial subsectors. Globally, it is currently undergoing significant change as a result of new consumer tastes and digital business models, as well as demographic, macroeconomic, regulatory, and competitive factors. We did the research for you, so you know what's to come. You can read an overview of the trends influencing the industry below.
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