Wealth managers wise to not forget about creativity and the personalized touch

With the wealth management industry consolidating and moving towards standardized and streamlined processes based on technological solutions, there will inevitably come a breaking point when technology for technology’s sake becomes old and consumers want more. In this context, it will be important for wealth managers to offer a mix of creativity, simplicity and effectiveness that moves beyond a mass-market, cookie-cutter approaches and towards ones that take into account the specific needs and objectives of consumers and their families. This creativity and personal attention, however, should extend beyond what is expected from traditional investment strategies (e.g. a charitable remainder trust). The most effective wealth management strategies in the future will require intimacy and a personal touch. As such, wealth managers will be smart to remember that there will never be a substitute for personal service.