The Latest in IT Security

By Michael Leibel NEW YORK (Reuters) – Executives at top U.S. wealth managers say they need more technology to maintain their market-leading positions as younger investors seek to manage their money in a digital world, but research shows firms are not keeping up with client demands. “As individuals have started using other full-featured applications for other purposes, they’ve grown to expect that level of sophistication from everyone, including from their [wealth management] providers,” Brent Beardsley, North American asset and wealth management leader for Boston Consulting Group, said in an interview. Between 40 and 60 percent of wealth management clients want direct wealth manager contact via video chat, but fewer than 20 percent of banks offer these services, according to BCG’s 2014 Global Wealth Report. More than 60 percent of clients want investment recommendations and portfolio analysis delivered online, on both web and mobile applications.