Want Better Client Engagement? Start with Mobile Wealth Management

How often do you check your phone throughout the day? If you’re like most people, your smartphone is likely one of the first things you reach for when you wake up and the last thing you put down before bed. Whether you're catching up on the news, checking your email, or managing your finances, it’s clear that our lives are increasingly centered around the small devices we carry everywhere.

For wealth management clients—whether they’re Millennials, Gen Z, or older generations—accessibility through smartphones, tablets, or even an app on a laptop is no longer a convenience but an expectation. They want to be able to check their portfolios, communicate with their advisors, and get updates in real time, all from wherever they are. Wealth management firms that understand and embrace this shift are the ones that are keeping clients engaged and satisfied. At Defiance Analytics, we specialize in helping wealth management firms evolve with these changes to keep their clients connected and happy. Learn how we can help your firm grow.

Key Takeaways

• Smartphone and tablet access is now a fundamental expectation for wealth management clients across all generations.
• Features like real-time updates, secure messaging, and an intuitive user experience drive client engagement and satisfaction.
• Offering seamless access through digital devices builds trust and loyalty, ultimately capturing a larger share of clients’ assets.

The Growing Importance of Smartphone and Tablet Access in Wealth Management

There’s no denying it: we’re all using our mobile devices more than ever, and wealth management clients are no exception. Recent studies show that up to 70% of clients expect to access their financial information through a smartphone or tablet. These aren’t just young, tech-savvy users; this expectation spans across different age groups. Even older clients, who may still prefer more traditional methods, increasingly turn to their phones or iPads for quick financial check-ins.

What’s driving this? It’s simple: convenience. Clients want the freedom to check their portfolios, read updates, or message their advisor from anywhere—whether that’s during a morning commute or a quick break between meetings. This desire for seamless access is pushing wealth management firms to prioritize mobile-friendly platforms, ensuring they meet clients where they are. It’s not just about being cutting-edge; it’s about delivering the kind of easy, integrated service that today’s clients expect.

What Makes a Great Wealth Management Experience on Smart Devices?

Creating an app that resonates with users, especially those managing their wealth, requires more than just offering basic features. Clients want an app that’s intuitive, efficient, and tailored to their needs. Here’s a breakdown of what makes an app work for wealth management:

Real-Time Updates and Alerts

In wealth management, information is power. Clients need to feel confident that they can access up-to-date information about their investments whenever they need it. Whether it's checking how their portfolio is performing or staying on top of market trends, real-time access is critical. Imagine a client waking up to news about market fluctuations and wanting to see how it affects their investments. If they can easily get that information with a few taps on their smartphone, it not only keeps them informed but also builds trust in the service you're offering.

Beyond just providing real-time updates, a strong app will help guide clients through what the information means. For example, if a sector they’re invested in is experiencing a downturn, the app could offer tailored insights or suggestions on how to adjust their investments. These features are invaluable in helping clients feel in control, even when the markets are volatile.

Simple and Secure Messaging with Advisors

For many wealth management clients, communication is key. They want to know they can reach out to their advisor at any time without having to pick up the phone or schedule a meeting. This is where secure messaging becomes a game-changer. By offering an in-app messaging service, clients can quickly send a question or get advice, all from the convenience of their smartphone.

Imagine a client is traveling or simply busy at work—they can send a quick message asking for a portfolio update or advice on a new investment opportunity. This kind of instant communication reassures clients that their financial management is always within reach. And when it comes to sensitive information, it’s crucial that all communication remains encrypted and secure, ensuring that both the client and the advisor can interact without worrying about privacy concerns.

Intuitive User Experience

A smooth user experience (UX) can make or break how much a client engages with an app. In fact, 94% of negative feedback on financial apps is linked to poor design and navigation. Whether clients are using an iPad, tablet, or smartphone, they expect the experience to be intuitive. This means fewer steps to complete tasks, clear menus, and navigation that doesn’t leave them guessing where to find important information.

When clients open the app, they should immediately see the data that’s most relevant to them—whether it’s portfolio performance, upcoming meetings with their advisor, or recent market updates. The less they have to hunt for information, the more likely they are to keep using the app. Think about it like this: navigating the app should be as simple as flipping through a magazine or swiping through photos. The design should make the financial management process as easy as possible, so clients can focus on their investments, not on figuring out how the app works.

How Better Device Access Drives Client Satisfaction

Let’s be honest: clients who can easily manage their wealth from their devices—whether it’s a smartphone, tablet, or laptop—are happier clients. And happy clients stay loyal. Studies have shown that firms with high app satisfaction scores tend to capture a larger share of their clients’ assets under management (AUM). This is no coincidence. Clients who feel that they can easily access and control their financial information are more likely to trust their advisors and, in turn, stick around.

Consider two private banks. One offers a robust, intuitive app that allows clients to check their investments, contact their advisor, and stay updated on market trends—all from their tablet or phone. The other offers only limited access through a desktop platform. It’s no surprise which one clients will prefer in the long run. The more accessible and engaging the app experience, the more satisfied clients will be, and the more likely they are to entrust your firm with a larger share of their wealth.

Final Thoughts

Whether your clients are young professionals always on the go or seasoned investors who have adapted to modern technology, the ability to manage wealth from any device is key. It’s not just about making things convenient—it’s about offering a wealth management experience that is accessible, secure, and informative whenever and wherever clients need it. Firms that embrace this reality are better positioned to capture more client engagement, satisfaction, and loyalty.

If you’re ready to offer your clients the seamless, accessible experience they expect, we at Defiance Analytics are here to help you transform your wealth management services. Contact us today to find out how we can support your firm’s growth.

Frequently Asked Questions

Why is it important for wealth management apps to offer real-time updates?

Real-time updates help clients stay informed about their portfolios and the markets, allowing them to make timely, well-informed financial decisions.

What makes secure messaging valuable in a wealth management app?

Secure messaging allows clients to quickly communicate with their advisor from anywhere, ensuring convenience and privacy for sensitive financial discussions.

How does user experience impact client engagement?

A smooth, intuitive user experience makes it easier for clients to navigate the app, leading to higher satisfaction and more frequent interactions.

Do older generations also benefit from wealth management apps?

Yes, older clients are increasingly using smartphones and tablets to manage their wealth, valuing the convenience and easy access to financial information.

How can a strong app build trust with clients?

A reliable app that provides secure access, real-time information, and personalized insights helps clients feel in control, which builds trust in the service.

Can improving mobile access increase a firm’s assets under management (AUM)?

Yes, clients who are satisfied with their app experience are more likely to entrust your firm with a larger portion of their assets, leading to increased AUM.