It’s time to have a mobile strategy for your private clients…. GG Feb 15


It’s time to have a mobile strategy for your private clients….

41% of HNW private clients have a tablet device these days; and 67% a smartphone (Scorpio, 2013).  Far more intuitive than a traditional computer, these devices make the internet accessible to both the very young and the retired population. 

Gone are the excuses that the average age of HNW clients (65+) means that technology is not important.  Demand is definitely there for access to portfolio data, even when it is managed in a discretionary mandate.

In our recent (Feb 2015) article for Goldenhill we sought to understand why wealth managers have been so slow in embracing mobile apps until now – but how exactly should wealth managers move forward?

Four principles to getting launched:

1. Don't scrimp on data security:

This should be the area of “no compromise” – we don’t need to tell you about brand risk if you get this wrong.

By all means use a third party technology to help with this, but do due diligence with help from an independent expert (I’m assuming that you don’t have this in-house).

Better to launch with less functionality on a good base than risk getting caught out. 

2. Make it snazzy:

Don’t underestimate the “whizz-bang” impact.  If an app looks professional and is easy to use, it can do relatively little (simple data enquiries, for instance), but still stand out.  Design is key, some apps look clunky and out-dated, and this will reflect in people’s views of your firm.

See an app as a marketing tool, representing your brand.

3. Ask your clients:

One of the most efficient ways to assess what functionality is important is to run focus groups.  Trusting third party research is OK, but is likely to be sourced from a broad base of clients that may not represent your own in terms of age, location and level of wealth – there will be some significant (and subtle) differences in views from these.

Ask your clients to help you prioritise functionality.

4. Make a start:

Ignoring the issue is not going to make it go away.  The best thing to do is to get started.  Apps are relatively simple to develop – but don’t try to do everything at once.  A look and feel that works, with only a few elements of functionality should be your first target. 

Get to first base.

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Gilly Green

Gilly heads Knadel's Wealth Management practice. Gilly has over 25 years experience in the Wealth Management industry and has both hands-on, practitioner experience working within Wealth Management firms as well as a wide range of change expertise and knowledge, gained during her time as a management consultant.

+44 (0)20 7489 6362

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