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How can digital wealth tools increase client engagement?

Christopher Sparke
Christopher Sparke
Global Head of Digital Solutions, Refinitiv.

In the digital age, where incoming information is plentiful, and instantly available across a range of channels, it is imperative that wealth advisors adopt a proactive approach to client engagement and demonstrate that they are able to add real value to the investment equation. And one way they are able to achieve these goals is by using digital wealth tools.


  1. In the current digital environment in which information is delivered rapidly through multiple channels, wealth managers need to filter through the noise and deliver tangible insights to clients.
  2. An Aite survey on the impact of COVID-19 in wealth management found that more than 75 percent of firms globally were reporting an increase in client demand for digital capabilities. And 68 percent reported a major increase in client communication.
  3. Digital advisor tools, such as the enhanced market monitoring and portfolio analytics available in Refinitiv Workspace, are helping wealth managers to engage clients with timely, actionable insights, from anywhere.

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In the digital age, volumes of instantly accessible, omni-channel information are available to wealth managers and their clients alike. This creates a need for wealth advisors to show that they are able to add tangible insights and value to the investment equation, beyond what’s easily available.

This means proactively engaging via digital channels, but also demonstrating a client-centric approach that delivers tailored and personalized advice and insights.

Wealth advisors face a range of challenges, including competitive pressures, regulatory changes, fee compression, and the rising popularity of robo-advisors. Against this backdrop, it has become critically important that advisors adopt strategies and tools that resonate with an incoming generation of younger investors.

The Transformation of Wealth Management: Five trends for 2020 and beyond. How can digital wealth tools increase client engagement?

Considering that many of these younger investors are accustomed to instant, omni-channel information delivery, virtual engagement, and access to extensive digital tools and apps, it is particularly important that wealth managers take note and keep pace.

Experience Refinitiv Workspace, a client-centric solution for wealth advisors, designed to provide an efficient workflow and better insights on demand

The impact of COVID-19

The COVID-19 pandemic has only accelerated the move to a new digital normal.

The crisis has fundamentally altered attitudes to human interaction, accelerating global demand for digital capabilities and promoting an increasingly virtual world.

A recent Aite survey saw over 75 percent of firms globally reporting an increase in client demand for digital capabilities. Meanwhile, 68 percent reported a major increase in client communication. This shows that not only younger investors are expecting digital tools and engagement but also investors across the board, as everyone adjusts to a ‘new normal’.

Curating an effective response

While readily available information and ever-increasing digital channels offer a range of benefits, finding insights directly related to client portfolios is increasingly challenging.

Importantly, being able to communicate these insights effectively and engaging with clients is crucial. This is where advisors can create a true competitive advantage.

The Transformation of Wealth Management: Five trends for 2020 and beyond

Our flagship solution, Refinitiv Workspace for Wealth Advisors, delivers a suite of portfolio analysis tools, market-leading data and digital capabilities to enable advisors to adopt a proactive approach, digitally engage with investors and cement long-term relationships.

Filtering out the noise with digital wealth tools

When dealing with vast volumes of incoming information, advisors need tools that help them efficiently and effectively digest all the information, so no piece of news or market activity gets overlooked.

The ability to get notifications on a broad view of significant activity — including events, breaking news, new research and more — across portfolios in real-time should be expected. Having timely information from anywhere, on any device enables advisors to be proactive in engaging with clients on what matters most to them.

In order to efficiently pinpoint potential risks and opportunities, advisors need to be able to:

  • Monitor incoming news and market activity across client portfolio holdings.
  • Curate watch lists for specific client mandates, such as environmental, social and governance (ESG) considerations.
  • Quickly create custom, automated alerts and reports for clients on the latest market movements, ensuring they are kept updated.
  • Access and distribute relevant information from anywhere on any device.
Refinitiv Workspace chart. How can digital wealth tools increase client engagement?
The Watchlist Pulse application in Refinitiv Workspace is designed to help filter noise and engage clients with timely, actionable insights, from anywhere.

Analytics to enhance client-centricity

Not only do advisors need the right tools to filter out noise and pinpoint relevant data, they also need to effectively analyze this data to generate meaningful insights directly related to client portfolios and investment mandates.

With the right tools, advisors can analyze the impact of market movements on client portfolios in real-time and quickly communicate with clients in line with the instant connectivity and tailored insights expected by a new generation of investors.

Portfolio Analytics in Refinitiv Workspace lets you quickly analyze multi-asset portfolios to pinpoint sources of performance
Portfolio Analytics in Refinitiv Workspace lets you quickly analyze multi-asset portfolios to pinpoint sources of performance.

Refinitiv Workspace’s Portfolio Analytics provides comprehensive analytics and insights to drive portfolio construction and investment decisions, and help advisors to deliver a truly client-centric service and gain a competitive advantage by engaging with clients in a personalized manner.

As our new digital normal continues to unfold, forward-thinking advisors can carve out a valuable niche by leveraging the right data and tools. This will enable them to adopt a proactive approach to digital client engagement, and to build client relationships that thrive on a combination of leading-edge technology and trusted human interaction.

In the wake of COVID-19, these differentiators are likely to become even more important, as clients seek reassurance and place renewed importance on strong relationships based on trust.

Experience Refinitiv Workspace, a client-centric solution for wealth advisors, designed to provide an efficient workflow and better insights on demand


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