Financial advisors must focus on managing client data as tech priorities and needs have shifted over the last 18 months, according to the head of PricewaterhouseCooper’s (PwC) U.S. wealth management unit, Steven Crosby, reported Financial Planning.
Crosby said technology is now shaping the customer experience, and it cannot be enhanced "properly without having data on the customers".
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He added that wealth managers need to "quantify" the trust clients are willing to place in them. Crosby added that the industry "grew up with transaction processing", explaining that this happened due to an ongoing shift toward closer advisor-client relationships.
The "metamorphosis" of the independent advisor business from solo and ensemble firms to multi-state companies is another key change to be kept in mind, noted Crosby.
Crosby further said financial adviders need to be prepared more than ever as they face retirement, and financial advisors have to think creatively.
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