SEI Study: World's Wealthy Need Advisors to Provide Strategic Advice via Digital Tools

SEI Study: World's Wealthy Need Advisors to Provide Strategic Advice via 
Digital Tools 
Futurewealth Report Reveals Wealth Managers' Technology Lags Behind
in Delivering Investment Insights 
OAKS, PA -- (Marketwire) -- 02/28/13 --   According to a study
released today by SEI (NASDAQ: SEIC), Scorpio Partnership, and
Standard Chartered Private Bank, the world's up-and-coming wealthy
are generally satisfied with their wealth managers' technology use at
a transactional and reporting level, but are unimpressed with the way
advisors use technology to show them how to invest their money. "The
Futurewealth Report: Helpful Investment Technologies," which surveyed
3,477 respondents globally with an average $1.9 million in net worth,
points to an opportunity for wealth managers to improve the client
experience by using technology as an extension of advisors'
"Integrating technology into their core service offerings will help
wealth managers better satisfy the demands of their clients and
prospects," said Joseph P. Ujobai, Executive Vice President of SEI.
"The biggest impact of technology integration to date has been behind
the scenes, in the middle and back office, where enhancements
simplify the ease of transactions and minimize operational overhead.
But investors want to experience these technology advancements
themselves, and wealth managers need to prioritize giving investors
digital access to the decision-making processes that inform managers'
suggested strategies. Wealth managers who use digital technology to
pull investors into this discovery phase will stand out among
The majority of respondents globally (59 percent) are satisfied with
the technology used to execute financial transactions. However, just
40 percent are satisfied with the technology wealth managers use to
demonstrate portfolio strategies. Satisfaction is highest in the
Americas, where levels were 10 percent and nine percent higher than
the global figures (mentioned above), respectively. Yet, regardless
of region, the results illustrate that investment technology must
transition from mechanical capabilities to a state where investors
can digitally access their advisors' opinions on current trends,
industry developments, and recommendations.  
"We're experiencing firstha
nd that wealth managers who use innovative
technology can engage investors and clients in new and meaningful
ways," said Al Chiaradonna, Senior Vice President of SEI's Global
Wealth Platform. "Technology that assists wealth managers with
enhancing the client experience can be a huge advantage and improve
client acquisition rates. The goal of leveraging technology should be
to increase wealth managers' productivity and efficiency -- aspects
like client discovery, investment planning, and proposal generation
can all be improved through the right technology. By broadening their
investment platforms, wealth managers will be able to provide
investors comprehensive views of their wealth management choices and
foster long-term relationships with clients."  
With regard to client acquisition, the report found that the emerging
wealthy check wealth managers' credentials and investment
recommendations through various digital filters before making
decisions. While "previous personal experience with the firm" is the
most influential factor when deciding to work with a particular
financial provider (62 percent), the Futurewealthy are double- and
triple-checking information digitally. Tools such as "ratings and
reviews of firm's products and services" (50 percent) are most
important, followed by "firm's website" (47 percent), "news articles
about firm and products" (46 percent), and "price comparison sites"
(44 percent). Interestingly, amid the social media craze, respondents
ranked a firm's social networking presence and blog posts as the
least important factors when evaluating a financial provider. 
"Bottom line, today's investors are looking for meaningful
connections with their advisors. Yet they also want validation from
other third parties that their advisors are making sound investment
recommendations to better enable goal attainment," said Kevin Crowe,
Head of Solutions, SEI Advisor Network. "This truly is the era of the
'smart investor.' Clients want to be in the driver's seat and fully
understand where their money is going, as well as evaluate various
financial options. Advisors who realize this, and put the right
technology at their clients' fingertips, will be the ones who succeed
in this changing client landscape." 
This report is the third in a four-part series delving into the
findings of the Futurewealth Project, which aims to better understand
the ambitions and consumer attitudes of the world's up-and-coming
wealthy. Each report focuses on a different theme around how
technology and digital communications can be used to engage the next
generation of wealthy. The final report will be published in the
second quarter of 2013. For more information, please visit   
About SEI's Global Wealth Platform
 SEI's Global Wealth Platform
(GWP) is an outsourcing solution for wealth managers encompassing
wealth processing services and wealth management programs, combined
with business process expertise. With GWP, SEI provides wealth
management organizations with the infrastructure, operations, and
administrative support necessary to capitalize on their strategic
objectives in a constantly shifting market. GWP supports trading and
transactions on 102 stock exchanges in 45 countries and 33
currencies, through the use of straight-through processing and a
single operating infrastructure environment. For more information,
About The SEI Advisor Network
 The SEI Advisor Network provides
financial advisors with turnkey wealth management services through
outsourced investment strategies, administration and technology
platforms, and practice management programs. It is through these
services that SEI helps advisors save time, grow revenues, and
differentiate themselves in the market. With a history of financial
strength, stability, and transparency, the SEI Advisor Network has
been serving the independent financial advisor market for more than
20 years, has over 5,400 advisors who work with SEI, and $33.7
billion in advisors' assets under management (as of Dec. 31, 2012).
The SEI Advisor Network is a strategic business unit of SEI. For more
information, visit 
About SEI 
 SEI (NASDAQ: SEIC) is a leading global provider of
investment processing, fund processing, and investment management
business outsourcing solutions that help corporations, financial
institutions, financial advisors, and ultra-high-net-worth families
create and manage wealth. As of December 31, 2012, through its
subsidiaries and partnerships in which the company has a significant
interest, SEI manages or administers $458 billion in mutual fund and
pooled or separately managed assets, including $201 billion in assets
under management and $257 billion in client assets under
administration. For more information, visit 
Company Contact: 
Dana Grosser 
+1 610-676-2459  
Media Contact:
Alex Dalgliesh
Braithwaite Communications
+1 215-564-3200 x116 
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