Wealth Adviser newsletter 10.12.21

Client experience set to be new battleground

Philippa Aylmer has reported on the latest CapGemini survey of wealth managers which has found that client experience will be the new battleground as wealth management firms face significant revenue and margin pressures in the coming year.
Empathy within the design process will be crucial, their report states, writing that human-centred design and cybersecurity will be critical to building a superior digital client experience.
On the back of news this week that Covid is still posing a threat, as various countries bring in more stringent anti-Covid measures to deal with the new Omicron variant, Aviva’s study on the impact of Covid on retirement plans was particularly pertinent.
More than half (54 per cent) of UK adults say the impact of the Covid-19 pandemic has affected their plans to retire, according to new research from Aviva.
The findings lay bare the polarising impact of the pandemic and its stop-start effect on people’s future plans. While some people envisage retiring earlier and have gained confidence about living comfortably once they retire, nearly one in five (18 per cent) feel less secure about their financial future, peaking at more than one in four (27 per cent) aged 35-44.
Almost one in six people (14 per cent) aged 35-44 anticipate their retirement date may be pushed back, while 16 per cent have lost confidence in their ability to live comfortably once they have retired.
The research reveals a nation polarised when it comes to deciding its own destiny. While 41 per cent say the pandemic has made them feel they can take more control of their priorities, the same proportion (41 per cent) say they have less control than they did before.
Alistair McQueen, Head of Savings & Retirement at Aviva, says: "For many of us, the pandemic has had a profound impact on our outlook and caused us to look again at our priorities. The experience of a global health crisis has led many people to put plans on hold and consider the wider implications around significant issues like retirement plans."

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