Post by Titir Pal

I love reading about consumer preferences and evolving consumer trends in various industries. How people make choices has fascinated me from the days of studying microeconomics as a student.     This article from McKinsey & Company, talks about a hugely consequential and still evolving consumer trend in the Wealth Management space (an area I am working on extensively over the past few years) - adoption of digitalization of wealth management and financial advisory services.  $84 Trillion is the estimated wealth management market for the Asia Pacific region, of which $700 Billion could very well move towards digital wealth platforms. Here are few key take-aways:   1: Higher digital adoption (~80%) is largely driven by mass, affluent & HNI segments. The reason is customer’s desire for transparency and control that comes with the convenience of a click. 2: UHNWI’s adoption of digital is still limited due to their diverse needs that is currently serviced by family offices and relationship managers. 3: The implication for wealth management companies is to create offerings segmented by consumer segments (based on their preferences) and service them via a digital-plus-human approach. 4: Even what consumers are willing to pay for advice or services is quite differentiated by consumer segment. It's interesting to look into our own behavior and choices regarding this as consumers. How much do we really value expert advice? When do we use digital vs. call our advisors? How much are we willing to pay for the convenience of the digital channel? Read more here: https://lnkd.in/gCAica77