Wealth management firms in Canada need to be prepared for a big client shake-up in the next few years.
Accountancy giant EY surveyed 50 Canadians for its 2019 wealth management researched report to understand their changing investment needs, behaviours and value perceptions.
It found 44% are planning to move money from their existing providers within the next three years.
The report also found Canadians primarly seek attributes like competitive pricing (33%), personalised and connected solutions (30%), 24/7 access to their wealth management portfolio (28%) and more personal advice and planning (27%).
Engagement
“Canada’s wealth management sector isn’t immune to changes in consumer behaviour,” said David Hurd, EY Canada’s national wealth and asset management leader.
“Wealth managers must engage with clients and become trusted advisers during major life events or risk them changing providers.
“To do that they need access to timely and relevant information from internal and external sources.
“With more data points, advisers and firms can provide personalised, custom-tailored services that appeal to clients at various life stages.
“That means asking questions and being responsive to their needs and wants every step of the way.”
