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Many blame Netflix for the death of Blockbuster, Uber for the decline of the traditional taxi business and Spotify for the downturn of the record industry. While there is no doubt that technology hastened the decline of these businesses and industries, their downfall was more of their own making: they failed to pay enough attention to the consumer experience and adapt accordingly.
The wealth management industry, which is ripe for technological disruption, is no exception to such warning signs. The industry would do well to listen to its own customers: investors. As a breed, investors are no less demanding and discerning than any other consumer. They are continually evaluating the service they receive from the people and organizations who manage their money, and they are fully aware they have a choice of advisors.
In this article on OnWallStreet, Broadridge’s Chris Perry writes how every communication is an opportunity to create a value-added experience for the customer that becomes a virtual handshake and personalized interaction.