Welcome to the Engagement Economy

John PrendergastAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Wealth managers must understand their clients' online behavior. Though we know them in some ways, we cannot assume their online behavior mimics what we know about them from past interactions.

Over four billion people own smartphones and access the internet. The pandemic accelerated the shift toward digital interaction. Of those 70 and older, 72% use online banking, and Grandma has even joined TikTok. Wealth management clients prefer remote meetings. This all feels very different from the “my clients aren’t online” paradigm pre-pandemic. To navigate this new era, pay attention to not only your clients' individual behavior but the broader world in which they operate.