# Deloitte and Avaloq release joint whitepaper dedicated to digital wealth advisory
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-10-14
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Deloitte and Avaloq's Whitepaper on Digital Wealth
Meta Description: Discover why defining a clear digitization strategy is the first step for wealth managers looking to adapt to the emerging models of digital wealth advisory.
URL: https://financedigest.com/deloitte-and-avaloq-release-joint-whitepaper-dedicated-to-digital-wealth-advisoryhtml

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**In the whitepaper published this week, Deloitte and Avaloq combine their expertise and explain why different models of digital wealth advisory match different group of investors. The first step for wealth managers, however, is to clearly define their digitization strategy.**

As digital solutions are disrupting the financial services industry, new models of digital wealth advisory are emerging. Financial investments are no longer limited to affluent investors, and new, tech-savvy customers enter the scene with different expectations than the traditional financial investor. In this new landscape, [wealth managers](https://www.financedigest.com/annual-survey-of-wealth-managers-2022.html "Annual Survey of Wealth Managers 2022") would need to adapt their approach and embrace digital solutions to serve the full range of customers. This is the context for Deloitte and Avaloq’s joint whitepaper [Emerging models of digital](https://www.financedigest.com/the-emergency-immobilizers-market-to-be-digitally-instilled.html "The Emergency Immobilizers Market to be digitally instilled") wealth advisory.

**Robo-advisory is not for all**

The whitepaper describes some of the most common models for digital wealth advisory, and suggests that the [target group](https://www.financedigest.com/catering-group-sodexo-targets-operating-margin-above-6-in-2025.html "Catering group Sodexo targets operating margin above 6% in 2025"), the customer’s investment philosophy, and expected service level are crucial components when defining the best advisory approach. While [retail investors](https://www.financedigest.com/analysis-european-retailers-are-on-investors-naughty-lists-this-christmas.html "Analysis-European retailers are on investors’ naughty lists this Christmas") are sensitive to cost and looking for fully automated robo-advisory, mass fluent investors generally prefer to combine digital advisory with human interaction. High Net Worth Individuals, on the other hand, expect to have a personal relationship with their wealth manager and are less [inclined to welcome digital](https://www.financedigest.com/digital-inclination-to-drive-the-cell-based-assays-market.html "Digital Inclination to drive the Cell Based Assays Market") models. The whitepaper highlights the importance for private banks and wealth managers to clearly define their strategy before they embark on their [digital transformation](https://www.financedigest.com/is-the-road-to-data-transformation-slowing-digital-transformation.html "Is the road to data transformation slowing digital transformation?").

“More and more wealth managers are investing in new technology and improve their [digital offering](https://www.financedigest.com/digitization-to-offer-stewardship-to-the-robotic-surgery-market.html "Digitization to offer stewardship to the Robotic Surgery Market") to match their customer’s expectations. What is important to bear in mind, however, is that a digital solution is as much about [strategy that it is about technology](https://www.financedigest.com/how-to-establish-a-successful-technology-strategy.html "How to establish a successful technology strategy"). _Without a clear strategy, the [investment may not give the desired result,” explains](https://www.financedigest.com/explainer-what-is-the-s-in-esg-investing.html "Explainer-What is the ‘S’ in ESG investing?") Steve Hauman, Partner at Deloitte Luxembourg._

The whitepaper also illustrates the different options [banks and wealth managers have when opting](https://www.financedigest.com/central-banks-opt-for-shock-and-awe-to-tame-inflation.html "Central banks opt for shock and awe to tame inflation") for robo-advisory, and explain the pros and cons of building the solution in-house, as opposed to working with established Fintechs or building on existing platforms.

“Technology enables multiple models of wealth advisory, and [digital offerings play a crucial part when banks](https://www.financedigest.com/being-the-best-digital-bank-is-not-enough.html "Being the Best Digital Bank is Not Enough") want to serve new markets. It is important to note, though, that a shift to technology-based solutions also requires a change in the company culture for a seamless client experience, ” comments ThibautJacquet-Lagrèze, Head of [Group Marketing](https://www.financedigest.com/bicycle-chain-market-size-and-forecast-2020-2030-with-post-impact-of-covid-19-by-top-leading-players-sram-llc-renold-plc-taya-chain-co-ltd-kmc-group-shimano-inc-tien.html "Bicycle Chain Market Size And Forecast (2020-2030) | With Post Impact Of Covid-19 By Top Leading Players- SRAM LLC., Renold PLC., Taya Chain Co., Ltd., KMC Group, Shimano Inc., Tien") at Avaloq.


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