High net worth clients demand an exceptional and differentiated level of wealth management advice and service, tailored, as always, to their specific needs and level of risk appetite.
Increasingly, such advice and service provision needs to be delivered via integrated digital tools and platforms, empowering HNW individuals and families with greater, richer and faster insight into their financial affairs than ever before.
But a pure play digital wealth management offering for HNW clients won’t cut it. To this client base, there needs to be a blend of digital with the more high-touch traditional approach to wealth management provision.
Most private banks understand this. Yet some take it to the next level, and one wealth manager that has done this is Formue (the Norwegian word for wealth) – one of the Nordic region’s leading independent wealth advisors to HNW individuals and families.
In essence, Formue provides clients with a distinctive, if not unique, advisory model together with a powerful hybrid service offering that it believes delivers a new wealth management experience that is enhanced through digital, not just simplified and automated by it.
To achieve this, the firm has shifted focus from traditional investment advisory to what it calls Financial Life management, grounded in a solid behavioral finance advisory model. This is augmented by a complete and coherent digital experience, which supports wealth planning, reporting, and client correspondence across digital platforms from mobile to virtual meeting rooms, all of which are fully integrated to advisors, experts, operations and marketing through the firm’s Salesforce platform.
This entire proposition, together with multiple innovations in the past year – including a meeting tool that enables advisors to re-use all data from the mobile/portal experience; an AI driven dashboard to suggest most important tasks to advisors; a sustainable excellence centre and digital sustainability planning tool – positions Formue at the forefront of next generation wealth management.
For HNW individuals and families, the firm is clearly a leader in the Nordic region, and particularly in Sweden.