Adapting will require the appropriate use of text messaging, email, or video conferencing through tools such as Skype or Zoom. Geographical culture also needs to be catered for – our interactions with many younger Chinese clients are conducted through WeChat.
Exposure to the latest technology has also dramatically raised service level expectations.
Gen Zs will not be forgiving on wealth managers that lag on the technology front.
If challenger banks can open an account in minutes and have no requirement to swap paper documents in a KYC process (using e-signatures, scanned identification and so on), surely wealth managers can too?
And why should Gen Z not demand simple, uncluttered, mentally untaxing interfaces on mobile devices? These technologies have moved beyond a nice-to-have and have become a must-have.
That is just the situation today. And while we say with a level of confidence that there will still be a need for an adviser/Gen Z relationship in 10 years, what we cannot say with confidence is exactly what that will look like.
With technology advancing so quickly, Gen Z being so willing and confident to adopt it, and building their investing knowledge and street-smarts all the time, the relationship will undoubtedly be radically different to the one advisers have with those in their 30s today.
Nick McCall is head of wealth management and Olexandr Skoryk is an analyst at Dolfin