Overcoming The Digital Divide: Connecting Advisors and Consumers Using Technology as a Partner

SigFig Research
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Executive Summary

In 2022, there’s no shortage of financial solutions. The same can be said of financial providers. However, despite the robust, practically overwhelming availability of services, financial management as a whole remains fragmented and siloed by legacy architecture. In short, it’s still difficult for many individuals — even wealthy ones with greater access — to effectively and efficiently oversee their finances. Technology paves the way for longevity in the client relationship and long-term viability for today’s growing field of financial institutions.

Key Takeaways

  • Even in 2022, the financial services industry still faces steep internally-driven technology hurdles, such as business silos, legacy architecture, and integration challenges.
  • Nearly 40% of financial advisors expect to retire in the next decade. Meanwhile, the number of mass affluent and millionaire households isn’t getting any smaller. Firms with a younger cohort of advisors are well-positioned to prosper if they can cater to the hybrid needs of the affluent.
  • 50% of high-net-worth and affluent clients think their primary wealth manager should improve their digital capabilities — from personalized offerings and omnichannel access to account consolidation and integrated services.
  • More and more financial advisors are leaving their firms to join RIAs. Independence, monetary incentive, and lower technological barriers are the driving forces behind the migration.

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