The Digital-Human Divide: Optimizing the Investor Journey

Investors are bombarded daily with technology designed to drive engagement. This engagement, whether on social media, through texting, with games, or on cell phone calls from the car, reinforces demand for both access and control.

Banks have been a fertile testing ground for cash management applications feeding the client’s need for a sense of control over their bank account (e.g., budgeting, transactions, money movement). In contrast, wealth managers have focused on longer-term views through financial planning and account aggregation.

Digital day-to-day financial management is what brings investors forward into long-term financial well-being. But there needs to be a plan, typically delivered with the help of a professional. This hybrid approach is both implicitly and explicitly sought by investors, except where business silos and legacy architecture block the path.

Key questions discussed in this report:

• What is the state of investor advice and financial planning and delivery across wealth manager, bank, insurance, and retirement plan providers?
• Are investors that use wealth managers doing financial planning on their own?
• What providers excel in supporting the investor journey from savings to wealth?

Companies Mentioned:

Acorns, Ally, Bank of America, Betterment, BMO, CANNEX, Charles Schwab, Chime, Credit Karma, Edelman Financial Engines, Edward Jones, Empower, Envestnet MoneyGuide, Fidelity Investments, Goldman Sachs, Great-West Empower, Halo, HealthView, Services, IncomeConductor, J.P. Morgan Chase, M&T Bank, M1 Finance, MaxFi, Merrill Lynch, NextCapital, Personal Capital, Pylon, Q2 Helix, Raymond James, Royal Bank of Canada, Salesforce, Savology, SigFig, SoFi, U.S. Bank, Vanguard, Wells Fargo