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Photo courtesy of Sarah McCutcheon.

1 in 4 retired investors interested in digital wealth management services: study

Wealth managers are called to ramp up digital services for retired investors.

Do not forget about retired investors when building your digital capabilities, wealth managers were told in a report by data and analytics firm GlobalData.

Of the retired investors surveyed, 24% or almost one in four said that they would prefer digital providers to handle their money.

Whilst more than half of the retired investors globally were found to still favour traditional players to manage their investments, a large chunk of retired investors also indicated that are open to digital players and the customer experience they bring to the table, according to Sergel Woldemichael, wealth management Analyst at GlobalDataSo.

“Traditional players should not be resting on their laurels assuming that only the millennials are keen on new digital wealth management services. Despite not being digital natives, the older generation is not all that shy of technology,” Woldemichael said.

GlobalData’s 2021 Financial Services Consumer Survey also found that no matter if an investor is already retired, in full-time employment, or self-employed, a multi-channel communication experience is in demand. 

“Pension providers should not ignore the need for personalization from a communication perspective. Clients want to be able to access the support they need when and wherever they need it. A lack of options would turn heads to other providers,” the study warned.

Whilst many players have yet to roll out retirement-focused services, GlobalData noted that some old guards and digital players have rolled-out services in this space. For example, Charles Schwab offers a hybrid multi-generational retirement service. 

“Wealth managers who are able to introduce engaging digital retirement services, with one that is cross-generationally focused, will prevail,” Woldemichael said.

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