Silver Surfers in Wealth Management - A Survey of Digital Attitudes and Behavior in Five Key Markets
Silver surfers (digital users aged 55 and older) are usually thought of as reluctant or unequipped to adapt to new technology in investing and banking. However, the data from MyPrivateBanking’s investor panel survey reveals that this common perception is not entirely true and that affluent and high-net-worth silver surfers are a more complex segment than we might give them credit for.
As a consequence, digital wealth managementservices tailored to HNWIs aged 55 and older offer significant opportunities for wealth managers to stand out and win over this investor segment. This data-driven report identifies the similarities and differences in attitudes of silver surfers compared to younger generation HNWIs when it comes to using digital tools in their investment journey and in communicating with their financial advisor.
The report profiles the silver surfers’ investment behavior and identifies their preferred devices, communication channels, and mobile app features for financial matters. It also analyzes silver surfers’ awareness of and openness toward robo-advisors, as well as the main features they expect from them.
This report provides strategic and practical advice on how wealth managers can employ the right digital tools and channels to reach this highly important client segment. The research is based on a panel survey conducted in five key wealth management hubs, the US, the UK, France, Germany, and Switzerland, and it addresses the digital needs and preferences of 1,000 affluent and high-net-worth individuals.
This report is THE resource for understanding what silver surfers want from their wealth managers’ digital offerings:
What are the characteristics (value of assets, investor type, primary investment mandate, etc.) of wealthy silver surfers that matter for wealth managers?
How do the digital usage patterns of older HNWIs differ from those of younger HNWIs?
What are wealthy silver surfers’ preferred communication channels with their financial institutions?
To what extent are smartphones, desktop computers, tablets, smartwatches and smart speakers used for financial matters?
Which features of wealth managers’ mobile apps are used most frequently by older HNWIs?
How satisfied are wealthy silver surfers with their wealth managers’ mobile channels? What are their reasons for not using the banking apps?
How familiar are older HNWIs with robo-advisors? How many of them already use robo-advisors or plan to do so?
What is the preferred level of human interaction from silver surfers when using a robo-advisor?
What are the eleven key things wealth managers must do to reach and keep wealthy silver surfers?
Data-driven insights, analysis and recommendations for the development of digital wealth management offerings to reach and engage silver surfers:
Key characteristics (value of assets, investor type, primary investment mandate, etc.) of wealthy silver surfers relevant for wealth managers
Digital usage patterns of older HNWIs compared to those of younger HNWIs
Wealthy silver surfers’ preferred communication channels with their financial institutions
Usage of smartphones, desktop computers, tablets, smartwatches and smart speakers for financial matters
Most frequently used features of wealth managers’ mobile apps by older HNWIs
Levels of satisfaction of wealthy silver surfers with their wealth managers’ mobile channels
Silver surfers’ reasons for not using banking apps
Preferred level of human interaction from silver surfers when using a robo-advisor
Eleven key recommendations for wealth managers to digitally reach and keep wealthy silver surfers
The report includes more than 30 graphs and charts, and it comes with two additional files:
Key insights deck containing an easy-to-understand eight-slide presentation that summarizes key findings for quick sharing
49 data slides showing the detailed results of the survey overall and by age group (18-34, 35-54, 55+)