Over seven-in-ten of wealth clients willing to share personal data for personalised services

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ver seven-in-ten (71%) of wealth clients are willing to share personal data for more personalised services. Over half (53%) are even willing to pay for it. In addition, this number rises to 80% among millennials. However, 36% expected relationships with wealth managers and advisers to become less personal after the Covid-19 pandemic, at least from a human interaction perspective.

This is according to the 2021 EY Global Wealth Research Report, a survey of 2,500 wealth management clients in 21 geographies. Furthermore, 87% of respondents were aware of trading and product fees, but 42% were concerned regarding hidden costs.

Clients are now looking for value outside of returns. Across the globe, 78% of respondents have personal sustainability goals. On the other hand, 41% feel their wealth manager falls short when it comes to understanding their values.

76% considered it important to look at ESG parameters in their portfolios and impact investing is expected to grow 15% by 2024 to hit an average adoption level of 35%.

Inclusion and diversity was also an important factor. 48% saw diversity and inclusion as important when evaluating a wealth manager. This rose among millennials (67%), the ultra-wealthy (70%) and in markets such as China (68%), India (71%), Italy (71%) and Norway (73%).

Mike Lee, EY global wealth & asset management leader, said: “Perceptions around value for wealth management products and services are rapidly changing. With basic investment products and services becoming available at very low costs, experiential factors will become the key drivers of pricing in wealth management. Leading firms will provide curated interaction points, allowing clients to enter the adviser-digital spectrum at their choosing and customise communications according to their evolving needs.”