The second part of this series about new wealth management businesses aiming to create a “high-touch” service for the mass affluent discusses new ways of communicating with clients, and the potential this has on the value chain. The first part can be viewed here.
The key hooks of a wealth management service that is crafted around technology are the lower costs and transparency it can offer for many - rather than the technology itself – says Kyle Ryan, executive vice president at Personal Capital.
“Everything else – everything – has shifted towards electronic interaction,” says Ryan.
Because of this he doesn't think clients should be pigeonholed as “young” or “Silicon Valley-esque”. “I have a client who’s 76 years old who only uses the iPad,” he adds.
“In that spectrum what’s unique is we have multiple clients in their seventies who are all retired plus we have employees of Facebook and a number of the other tech companies… We’re very pleased by the broad appeal of what we’re doing.”