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Enhancing wealth management with Refinitiv Wealth Connect

Charles Smith
Charles Smith
Head of Digital Solutions for Wealth, Refinitiv

We are partnering with Glia to launch Refinitiv Wealth Connect with the aim of enhancing investor-advisor collaboration in the wealth management industry.

  1. Refinitiv today announced the launch of its new digital collaboration capability ‘Refintiv Wealth Connect’, designed to help wealth management firms and their advisors advance in step with the growing pace of digital transformation within the wealth management industry.
  2. The new capability will allow users of Refinitiv Digital Investor to collaborate dynamically with their advisors, other front office personnel or the home office of a wealth firm.
  3. Refinitiv Wealth Connect will be embedded seamlessly into Refinitiv Digital Investor.

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We have all come to understand precisely how the global COVID-19 pandemic has impacted on how we live and work. The new operating model for the COVID-19 era has had a dramatic impact on all industries that use digital tools to drive engagement with their customers.

The global pandemic has accelerated many companies’ digital communications strategy by an average of six years, according to a study by technology firm Twilio.

The same study also shows that 97 percent of enterprise decision makers believe the pandemic has sped up their company’s digital transformation.

Please see our full press release here.

While the pandemic has impacted industries differently, it has dramatically influenced how investors manage their wealth.

Many people across the world have lost their income, while others have had to adjust their investments and strategies to align to a ‘new normal’. There has also been a resurgence of self-directed investors, with trading volumes increasing significantly and new alternative sources of information becoming more prevalent.

Digital transformation in wealth management

Digital acceleration has altered the way many investors work with their wealth providers. Many of them – especially millennials – are looking for fresh new ideas and ways to better engage with wealth firms.

After the pandemic hit, Refinitiv conducted a global survey of over 1,000 global investors to better understand the changes. The first part of that survey focused on data, the findings of which were presented in a report that was published in early January.

One area of concern highlighted in our research was the gaps investors see in current platforms. Investors are hungry for more information, and there is a definite need for clearer product navigation, more transparency and additional insight.

But investors are also asking for better digital collaboration tools, such as online scheduling, secure two-way chat and real-time video and voice communications.

Many investors say they want to stay connected to those people that can support their wealth journey, and these needs are especially important to the Millennial and Gen X segments (see Figure 1), who are set to inherit over $30 trillion over the next few decades.

Figure 1: How investors would like support from their wealth management providers

How investors would like support from their wealth management providers
Source: Refinitiv

Given clients’ new demands, at Refinitiv we have partnered with the digital technology firm Glia to launch Refinitiv Wealth Connect. This new platform that lets users of Refinitiv Digital Investor to collaborate dynamically together or with other wealth platforms.

Connecting investors and advisors

Refinitiv Wealth Connect will be embedded seamlessly into Refinitiv’s advisor desktop solution and client experience platforms, connecting investors and advisors to collaborate through the following channels:

  • Messaging: advisors and their clients can use traditional SMS or embedded mobile device notifications to connect through a proven and well-accepted method.
  • Voice: advisors or investors and initiate or receive voice calls – and advisors can connect calls data to CRM platforms.
  • Video: advisors and their clients can engage in real-time video calls through the platforms – either inbound or outbound – on-demand at the click of a button.
  • Chat/chatbot: users can communicate through a secure channel for quick, focused conversations or wealth firms can integrate a rules-based or artificial intelligence-based engine to provide automated support.
  • Co-browsing: advisors or support personnel can observe users in real time accessing portals and other information, and they can browse with the investor to provide support.

As the way we work has arguably changed forever, the pandemic has enhanced the way we use digital tools to collaborate and communicate. And this shift equally applies to the wealth management industry.

As digital tools become a core part of the way we operate daily, wealth providers need to adapt to match other industries and how their clients operate in other aspects of their lives.

At Refinitiv, we are providing the tools, capabilities and content for modern investors and sophisticated advisors to operate digitally and are opening the door for our customers to keep up with the pace of change.

Please see our full press release here.

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