The clients of wealth managers are growing more sophisticated in their use of technology and their expectation for fast, easy communication with their advisor. They want a high level of transparency and control but don’t want to get bogged down by tools that are clunky or complicated.
Scivantage, a New Jersey-based technology provider for wealth management companies, created Wealthsqope to address these issues. Wealthsqope provides a digital client experience for investment firms to support their clients. Scivantage has recently added Wealthsqope Digital Assistant to the offering, which uses voice-recognition technology to put clients in immediate touch with account information, advisory services and market information using digital assistant devices such as Amazon Echo.
“It’s a tool that will enhance the competitiveness wealth advisors who want to offer their clients premium digital services,” says Joe Stensland, chief commercial officer of Scivantage.
Wealthsqope allows clients to use simple voice commands to access account details, look at performance, move money and ask questions they might otherwise ask their advisor, Stensland says the product can help advisory firms increase their digital offerings—something firms need to consider doing now more than ever. “It’s a matter of how and when—not if—they’re going to deliver digital services,” he says. “Firms have to ask themselves whether they’re going to be seen as a leader or wait until they’re behind the times.”
The benefit of Wealthsqope for advisors is two-fold: The platform provides an opportunity to grow through increasing efficiency in client communication, and it sets firms apart from their competition by giving clients access to the digital capabilities they increasingly demand.
“This is an excellent way to leverage and scale your business by routing costly client interactions to a digital channel, which clients tend to prefer anyway,” Stensland says. “Offering digital services can extend and scale the services that advisors already provide.”