Envestnet, has published a white paper, “RIA Digital Transformation: A Competitive Necessity in a Post-Pandemic Marketplace,” discussing industry sentiments and attitudes toward practice digitalization. The report, commissioned by Envestnet and drafted by Aite Group, discusses how end-to-end digital capabilities can help registered investment advisers (RIAs) effectively engage and service clients, and achieve scalability and sustainability, after the present crisis ends.
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Prior to the COVID-19 outbreak, most RIAs remained in the nascent stages of building out digital offerings, or had implemented digital tools but never made client usage and adoption a priority. The lockdowns, social distancing, and significant market volatility stemming from the pandemic have elevated digital engagement in importance. However, the current situation also exposes flaws in processes which are not fully digitized. Completing workflows which require manual intervention can be extremely difficult when operational volumes are high, clients are anxious, and staff members are working from home. This white paper outlines best practices for RIAs to transition all practice operations to the cloud, and support clients, during and after the COVID-19 pandemic—and also identifies the most essential digital capabilities for helping RIAs maintain their competitive edge.
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To download a copy of “RIA Digital Transformation: A Competitive Necessity in a Post-Pandemic Marketplace,” please visit https://tamaracinc.com/White-Paper-Aite-RIA-Digital-Transformation.
“The COVID-19 crisis will have significant implications for how financial advice will be delivered going forward,” said Andina Anderson, Executive Managing Director of Envestnet | Tamarac. “We are committed to providing advisors with the solutions and tools necessary for creating the digital experience that clients have come to expect in all areas of their lives outside of wealth management. This white paper is a vital educational resource for helping RIAs position themselves to engage clients, improve outcomes, and grow their practices in the post-pandemic world awaiting us.”
Additional thought leadership content from Envestnet discussing key trends driving change in the wealth management industry, and their correlating impact on the future of advice, are available at https://www.envestnet.com/post-covid.
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