Digital Wealth Management For The Millennials: What To Learn?

The generation born between 1980 and 2000 views wealth creation very differently from previous generations. A product of the massive socio-economic changes and crises they have witnessed, millenials are blessed with an acute vision of what they exactly want out of life. While this answer obviously is subjective, a common financial goal among them all is to make their own money, take chances, and combine them both in a convenient and user-friendly way. That is why the age of technology has coincided so well with their financial ambitions. Industry experts and financial advisors can harness the power of digital tools such as online financial planning tools to reach out to millennials to help them with digital wealth management.

This blog looks at how digital wealth management can benefit millennials, and how it aligns with their personal value systems and relationship with money.

How can digital wealth management help you?

Instantly access data and insights:

The rise of the internet has made it possible to instantly access any kind of information from any corner of the world, a privilege that millennials cherish. Digital wealth management platforms use this to their advantage, by creating a platform that can aggregate all information related to wealth management for the customer. Thus, it is easier to receive a streamlined flow of useful data, insights, and analysis. Millennials are known to find out information and verify everything through research. Digital wealth management brings research to them.

Personalised portfolio management:

Millennials have their own unique financial goals and approaches. They would not subscribe to the ideology of their parents. They would also be interested in exploring multiple options before deciding on one. That is where a personalised portfolio advisory helps. Customised as per their needs, objectives, and risk appetite, personalised portfolio management substantially boost their confidence and trust in their wealth manager. This is why we at Tailwind have left no stone unturned to create a seamless personalised portfolio management experience for all our customers.

Extremely convenient:

Being a tech-based product, digital wealth management is accessible literally with a click of a finger. Millennials are inclined towards services that help them save time and benefit from holistic offerings. What better than digitising the entire process of wealth management to make this possible? For example, a good online wealth management platform digitises all the key wealth management aspects, right from determining risk tolerance and setting financial goals to exploring investment opportunities and making the payments, while also having wealth managers guide you towards your goals.

What is in it for a millennial?

It is a highly independent and self-sufficient service. You can access and manage it by yourself, without being dependent on anyone else. This aligns with the millennial values of independence and self-reliance.

It adds value to your portfolio by suggesting profitable ways in which you can diversify and enhance it as per your objectives. Digital wealth management platforms often make use of algorithms to assess and examine portfolios, enabling advisors to make practical recommendations.

It offers complete transparency by enabling information symmetry. You can access a host of research materials, reports, and analyses on digital wealth management platforms, saving you the time and effort of conducting research separately. This also helps a millennial feel more confident while investing.

You are guided by wealth managers to help build trust and reliability. You won’t feel like you are shooting in the dark while making investment decisions. There are real humans behind the screen helping you in your journey to achieve your financial goals. Thus, it is not nearly as stressful and nerve-wracking as managing wealth on your own.

In this digital age, digital wealth management is the future, just as millennials are the future of the world. Both of these powerhouses can bank on their mutual benefits to build a secure and stable future. If you are unsure of where to start your wealth management journey, get the Tailwind app and get guided by our wealth managers to meet your investment and goal based financial planning needs.