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Dire Technology Warning for Advisors

The digital doomsday warnings keep on coming.

The second major global wealth report in two weeks is stressing the "pressing" need for wealth management firms to update their digital capabilities or face steep declines in clients and profits.


Nearly two-thirds of clients with at least $1 million or more in investable assets expect to manage most or all of their wealth relationship digitally in five years, according to the annual World Wealth Report released by Capgemini and RBC Wealth Management, and would consider leaving their current firm if an "integrated channel experience" is not provided.


The Capgemini report follows the Boston Consulting Group's annual global wealth study, which warned that wealth managers were facing a digital "inflection point."




While demand for digital services is highest among wealthy clients under 40, older clients are also demanding digital, the Capgemini report found.


"Demands for digital capabilities know no boundaries when it comes to age, wealth, or geography," Jean Lassignardie, chief sales and marketing officer for Capgemini Global Financial Services said in a statement. "Clients want their touch points with wealth management firms to be seamless and fully integrated every time."


Too many wealth management firms are "playing catch up to get the level of digital sophistication that clients expect," David Wilson, head of Capgemini Financial Services Strategic Analysis Group, said in an interview.




Wealthy clients tend to be "demanding individuals," Wilson said, "who are not going to tolerate lower levels of sophistication than what they can get from their retail bank, Amazon, Google and Facebook."


Wealth managers should focus on providing clients with the ability to access information on more than one digital platform, Wilson said, and meet the demand for state-of-the-art digital information and transactional services.


Firms that don't meet the swelling digital demand face a "ticking time bomb," Wilson said, especially when it comes to the next generation. Wealth managers who don't provide mobile, video and social media platforms face "huge attrition risks" when older clients transfer their wealth to the next generation, he cautioned.


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company: pfireStorm
address: 21 Alexander Drive
Winston Park, Gillits
tel: +27 87 474 2200
fax: +27 31 764 4090
website: https://www.pfire.co.za


BRANCH: Head Office
Cindy Buxton
Central Hub Manager
Daphne Lombard
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Company Profile


    Pfirestorm is an affordable internet based service that organisations are able to offer their clients that will result in the cementing of existing relationships and/or the establishment of new relationships between the clients and the organisation.

    This service is CLIENT-CENTRED and simultaneously provides the organisation with a platform that addresses fundamental business matters such as strategy and wealth creation, operations and practice management, compliance issues, day to day matters, vast Marketing opportunities, leveraging IT in a unique way, staff incentives and measurements and impact directly and indirectly on your income flows from day one.

    The purpose for this service is to enable organisations and clients to be able to reach out to one another in an environment that is transparent, promotes shared responsibility and facilitates relationships providing mutual benefit for the client and the organisation.

    It is no longer a matter of who you know! It is who knows YOU!

    It is time!


Pfirestorm’s unique collaborative technology will enable our clients to deliver a branded and unified sustainable experience to their customers at all levels of their organisation, through programmed alignment of internal procedures and processes with their Customer Value Proposition.

Our clients will experience the power of a programmed behavioral system designed to sustain, facilitate and deliver to their clients, a distinctive Customer Value Proposition resulting in increased new and retained customers that can be measured in terms of higher production outcomes, reduced operating costs, focused employee and customer activities, customer services that exceed expectations, business continuity, and ultimately good corporate governance aligned to a dynamic regulatory environment.