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How can Wealth Management Adapt to the Digital Age?

How can Wealth Management Adapt to the Digital Age?

Wealth management can prove to be extremely useful for both new and seasoned investors who seek to grow their capital significantly and create wealth over the long term. There are many benefits that wealth managers bring to the table, right from removing financial stress and streamlining how your wealth is managed to offering personalized and customized solutions for your specific case. 

With the advent of the digital age, many financial services such as investment advisories and tax planning are adopting tech-friendly strategies. Do-it-yourself investment solutions are becoming particularly popular. In the wake of this new development, it’s clear that digital wealth management solutions like DIY investment platforms can transform the way investors like you manage your wealth. Here’s how wealth management services linked with DIY investment can adapt to the digital age.

Mobile apps to educate customers

Educating customers encourages them to invest more. Here’s where digital solutions can help firms that provide wealth management services. Mobile apps, in particular, can prove to be game changers. To adapt to changing requirements of the digital age, wealth management and DIY investment platforms can roll out mobile apps that give clients and customers a wealth of information such as investment advice, financial news, stock watches, and more. Alternatively, the use of existing apps that help initiate intelligent dialogue with investors can also be beneficial.

To complement the educational aspect in such apps, wealth management portals and DIY investment solutions could also help clients access digital portals that facilitate easy investment. For instance, the Moneyfy app from Tata Capital makes it easy for investors like you to purchase mutual funds through a simple and straightforward process. You only need to download the app and launch it. Thereafter, you can directly begin investing in the top-rated funds through a Systematic Investment Plan (SIP) or through a lump sum investment strategy.

Additional Read: Can wealth management add value to financially aware millennials[AG1] 

Digital tools to simplify operations

A major part of the initial phase of wealth management revolves around gathering details, collating KYC documentation, and following other standard protocols. This considerably delays the core process of wealth management. By making use of tech-based automation, wealth managers can standardize such repetitive procedures and simply the operational aspects. It also means they can begin offering advice and adding value to their clients sooner into the process.

The robo-advisory space also holds a lot of promise, since it helps cut costs significantly. This makes digital wealth management solutions affordable and accessible for a larger segment of investors.

Tech-based risk management

Risk management is an important segment of wealth management. Manually tackling risk and compliance can be tedious, time-consuming, and often, prone to errors. DIY investment apps can make rapid progress and keep pace with the times by using digitization to handle these areas. Automated checks can provide wealth managers with early warning signs about risks and credit defaults. Digital tools can also be employed to run simulations of varying risk-and-reward scenarios, so investors can make more informed decisions about how they wish to manage and multiply their wealth.

Digitization to personalize solutions

No two customers have the same requirements. Digital wealth management solutions can help professionals identify each individual’s goals and needs, so the services can be personalized accordingly. For instance, digital tools can assess a client’s risk appetite, the nature of their financial goals, their existing portfolio, and their expectations of future growth. Armed with this information, wealth managers can upgrade the quality of the solutions they offer. Such digital alternatives pave the way for increased customization of wealth management services.


These are just a few of the many ways in which wealth management can adapt to the digital age. Millennials and investors from generation Z are more tech-savvy than older people, and as a result, they can benefit greatly from such automated and digital solutions. There have already been many positive developments in the wealth management space, with digitization growing in use. Social media support, gamification, and tracking software are only some of the many examples of digitization that’s happening in wealth management.

Self-directed investment portals are also gaining popularity. Moneyfy from Tata Capital, for instance, allows you to compare various mutual funds and invest in liquid funds, gold funds, tax-saver funds, and thematic funds, depending on your goals. To get started with self-directed investment with Moneyfy, you only need to download it from the app store and get started with ease.

Additional Read: How Wealth Management is Evolving with Technology

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