European high-net-worth (HNW) investors are avid users of digital technology for managing their finances and, according to a survey conducted by Accenture.
Despite often being older than the average investor, are just as likely as younger investors to demand digital wealth-management services, the report says.
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The survey found that 83% of HNW investors already use digital technology for financial services, 67% are weekly users of social media, and 41% consider themselves early adopters of technology.
Owen Jelf, global managing director of Accenture’s Capital Markets practice, said: "Our findings did not align with conventional wisdom, which paints high-net-worth investors as merely casual users of digital services, generally reluctant to invest digitally and reliant on advisors for wealth management.
"On the contrary, their responses were similar to those that we got from younger investors, although high-net-worth investors tend to prefer going online using their PC rather than mobile devices."
According to the research report, HNW investors still expect and prefer face-to-face contact for discussing long-term planning and their future financial needs, while they are very comfortable using digital technology for basic investment tasks such as account transfers, product research and scenario analyses.
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By GlobalDataNearly 75% of the HNW investors surveyed said they were confident that digital technology would not limit face-to-face contact time or the quality of relationship with their financial advisers. And while 65% said they still want face-to-face contact, as many as one-third said that with digital tools, they could work perfectly well with their financial adviser without ever being in the same place.
