RIA Digital Transformation: A Competitive Necessity in a Post-Pandemic Marketplace

Independent and hybrid RIAs rank acquiring new clients as a top benefit of digital tools.

Boston, May 20, 2020 – Most registered investment advisors are in a nascent stage of building out their digital offerings or have added digital tools but have not made client adoption a priority. But the COVID-19 crisis is having a dramatic impact on the client service model and has changed RIAs’ attitudes toward digitalization. No longer a nice to have or a competitive advantage, digital engagement is an absolute competitive requirement and will play a pivotal role in the current crisis.

This report provides RIAs with an understanding of their peer RIAs’ sentiments, attitudes, and current efforts regarding digitalization; shows how they measure up in the competitive landscape; and illustrates the essential digital capabilities needed to support clients, including best practices and actions RIAs can take during and after the COVID-19 crisis. It is based on an online survey of 400 U.S. financial advisors that Aite Group conducted from April to June 2019, as well as in-depth interviews of RIAs that have built or are in the process of building a strategy that provides client-facing digital services and capabilities.

This 23-page Impact Report contains nine figures and two tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

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