The Digital Wealth Management Report: Leading robo-advisors have held onto consumer appetite amid the coronavirus pandemic — here's what incumbents can learn from these startups to maintain their grasp on the $43 trillion North American wealth management market

Executive Summary

Incumbents should explore getting involved in digital wealth management to address changing consumer demands, and yield the benefits of incorporating more technologies, such as cost efficiencies, and the chance to reach new demographics.

Three Key Questions This Report Will Answer:

• What does the current state of the digital wealth management space look like?
• How do digital wealth managers lure in younger demographics that are conventionally underserved by wealth managers?
• Who are the key startups players in the digital wealth management space, and how are they using technology to offer cheaper products to consumers?

WHATS IN THIS REPORT? In this report, Insider Intelligence explains what the current digital wealth management market looks like, what makes the segment worthwhile for incumbents, and how they can find success in the space.We profile the four biggest digital wealth managers in North America in detail to provide insight into their onboarding process, portfolio management, and pricing, as well as how they've been affected by the pandemic and what they're doing to accommodate changing customer needs. Our outreach process involved exclusive interviews across three providers in May 2020, while Personal Capital's profile is based on desk research and email conversations with the company due to interviewee unavailability. Additionally, we discuss why more incumbents should offer robo-advisory services and define a digital maturity model for robo-advisors to showcase important features and capabilities that incumbents should take note of to find success.