There’s a wide gap between the communication methods used by wealth managers and those preferred by clients, according to new research.

Fintech Avaloq found that wealth managers still rely on traditional forms of communication such as emails, phone calls and face-to-face meetings as their most used channels.

Clients, however, prefer newer digital communication methods such as online platforms and mobile banking apps, according to the survey.

Avaloq found that almost half of wealth managers (46%) rarely or never use their own online portals, compared to a quarter (26%) who use them often and a small minority (5%) who do all the time.

The picture is similar for mobile apps, with 46% of wealth managers rarely or never using them, compared to just 24% who often do and 6% who use them all the time.

Email remains the dominant method of communication for wealth managers, with 88% often or always using it to communicate with clients, followed by phone calls (79%) and face-to-face meetings (68%).

Wealth managers who do not broaden the mix of communication channels could lose out, Avaloq warned.

When it asked investors about their preferred way of communicating with their wealth manager, online platforms ranked second (15%) only to email (26%), having increased in popularity from fifth place in 2023 (when 11.7% voted for them).

Mobile banking apps are now clients’ third most popular communication method (cited by 13%), up from 2023 when they came in at number six (when 9.5% chose them). 



Traditional communication methods are losing favour among global investors. Face-to-face meetings, the top choice as most popular communication method in 2023 (18.2%), have dropped to fifth place (11%), and phone calls, second in 2023 (17.8%), are now tied for third with mobile apps (at 13%).

Suman Rao, UK managing director at Avaloq said: “As our world continues to digitalise, client appetite for wealth managers who provide clear, concise communication through modern, digital channels will only increase.

“By embracing newer, digital forms of communication, wealth managers will be in prime position to better meet client expectations. That will ultimately allow them to retain a competitive edge in a rapidly changing industry.”

• The research was based on online surveys of 3,012 affluent to (ultra-) high net worth investors and 341 wealth management professionals with a minimum of 5 years’ industry experience in February and March 2024.