The Understated Cyber Vulnerabilities of Wealth Management Clients

Cyber attacks and scams targeting wealth accounts and clients are on the rise, with investors telling their financial advisors that they have increased concerns about cyberthreats and socially engineered attacks that aim to compromise their investment accounts. Although phishing attacks remain the most pervasive and concerning, clients have expressed concern about the lack of identity theft protection and cybersecurity support and education they receive from their wealth management advisors. Advisors themselves share that concern, as they feel increasingly ill-equipped to support their clients with and around cyberthreat mitigation. 

This report reviews the role wealth management advisors can and should play in assisting their clients with cybersecurity and provides insight into the partnerships advisors should foster with identity protection service providers to build loyalty and generational retention across their client portfolios by using cybersecurity as a relationship-building opportunity.

Key questions discussed in this report: 

• Why are financial advisors particularly positioned to help wealth clients with cybersecurity and cyberthreat risk mitigation?
• What role do identity theft protection services play in combating cyber risk and financial loss that affects wealth accounts and wealth clients’ families?
• How can financial advisors provide more education and support around cyberthreats facing the families of their wealth clients to build generational loyalty?

Companies Mentioned: 

Merrill Lynch (Bank of America)