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UK Retail Investors Switch Wealth Managers due to Poor Digital Experience

One in five retail investors (21%) claim to have stopped using a wealth management service because its digital offering was too weak. The new research from Nucoro, a B2B fintech providing Wealth Management as a Service solutions, also reveals a gender gap around this issue, with 25% of male investors having switched providers because of this, compared to 18% of women with investments.

The findings also reveal some significant differences here based on age. Overall, 42% of retail investors say they have changed wealth management services because of a poor digital experience, but this drops to just 11% of those aged 55- 64 and 8% of those aged 65 and over. 

Despite these findings, Nucoro’s research also reveals that 17% of retail investors say that the wealth management service they are using now does not currently offer them a digital service to manage their investments. Just 61% claim that the services they use currently offer this, and 22% are unsure.

When it comes to how much of people’s investment activity is currently done digitally, 24% said their digital activity made up over half of their investments.

What percentage of your investment activity is currently done digitally  Percentage of UK retail investors
Less than 10% 49%
10% – 25% 15%
25 – 50% 11%
Over 50% 24%

Lennart Asshoff, CEO of Nucoro, said: “People are using more digital services for all aspects of their lives and how they manage their money is no exception.

Our research shows that many retail investors are willing to switch wealth managers if they feel the digital service is not good enough and we see this trend continuing, driven very much by younger investors.

A strong digital proposition is a necessity for any organisation offering wealth management services and not a luxury.

We expect to see more wealth managers outsourcing this part of their proposition to specialist third parties like us to ensure that they can focus on their core proposition of offering advice.”

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