Financial planning

Needs of wealthy clients are "a lot more complex," says Kraleigh Woodford, managing director and head of digital client experience at UBS Wealth Management.

New financial products may be exciting for wealth managers — but one group of people isn't benefitting, warns Neesha Hathi, the chief digital officer for Charles Schwab.

Data about client behavior will drive better user experiences.

People welcome help managing their money, and they don’t mind their own data being analyzed, as long as the result is easy-to-digest information and recommendations they can act upon, JPMorgan’s Kelli Keough said at the In|Vest conference.

There are serious consequences for firms that do not embrace the latest tech tools, says Kelli Keough, the global head of digital wealth management for JPMorgan Chase.

After the Cincinnati bank started a personal assistant service for new mothers, it learned new parents needed help with budgeting, and that motivated it to team up with a Goldman Sachs firm to establish a financial wellness program for all its employees.

The bank’s joint initiative with CFSI awards capital to firms trying to address issues that the startup teams personally experienced.

The consumer lender Oportun is rolling out a product designed to combat overdraft fees.

BMO Wealth Management aims to modernize its investment service and give advisers better equipment. Others offering automated advice solutions include UBS, Wells Fargo and JPMorgan.

One problem is that banks are shifting to online and mobile channels for delivering advice, which is inferior to in-person communications, according to a recent survey conducted by J.D. Power.