The New Inconvenient Truth | KPMG | CA

The New Inconvenient Truth

The New Inconvenient Truth

Wealth management is underestimating the flow of information and influence of social media while wealth clients are beginning to embrace social media.

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Partner, Audit, National Director, Alternative Investments Practice

KPMG in Canada

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The New Inconvenient Truth

Wealth managers need to step outside their comfort zones and employ social media in ways that might run contrary to their traditional client-side behaviors. Changes in wealth management client expectations require real-time responsiveness from wealth managers. Through social media, the industry faces a rare opportunity to up their game by building stronger one-on-one client relationships in the very crowded wealth management marketplace.

The lines between ‘real world’ and ‘virtual world’ are blurring. Social media adoption is affecting everything we do as individuals, from staying in touch with friends to impacting how we do business in general. Clearly, social media is driving sustained and irreversible disruption in how consumers stay informed, how they make decisions and how they interact with businesses. Wealth managers, as in other industries, must quickly adapt or face obsolescence.

Now is the time to act. We are witnessing shifts in demographics, wealth and location that, in turn, are changing the nature and the scope of the industry. For wealth managers, the opportunities – and the risks – are real and immediate, requiring the industry to rethink how it can provide clients with services they can’t already get online.

Wealth managers must embrace these changes. This requires stepping outside their comfort zones and employing social media in ways that might run contrary to their traditional client-side behaviors. Changes in client expectations require real-time responsiveness from wealth managers. Through social media, the industry faces a rare opportunity to up their game by building stronger one-on-one client relationships in the very crowded wealth management marketplace.

In the pages that follow, we take you on the wealth management journey, focusing on present-day and future applications of social media, including the evolution of the client relationship, how to manage social media disruption, social risks and regulations, and the steps wealth managers should be taking right now.

As inconvenient as the adoption of social media might seem to wealth managers today, the future of the industry could very well be at stake.

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