Wells Fargo Advisors has named a new executive to oversee development of the firm's mobile and online client platforms services that more clients expect of wealth management firms.
In the newly created position, Devon McConnell will be responsible for strategy, development and ongoing management of Wells' mobile and online client platform. She reports directly to Mary Mack, president of Wells Fargo Advisors.
The appointment comes after two major reports issued technology warnings for the industry. Wealth management firms face a digital inflection point, and advisors and executives should expect client demand for more services to be delivered online via mobile devices, according to Boston Consulting Group's annual industry study, issued in June.
RBC and Capgemini's annual World Wealth Report, also issued in June, found that about two-thirds of high-net-worth clients expect to manage most or all of their wealth management relationship digitally in five years.
To meet these expectations, Wells Fargo said that the firm would be investing more in technology, including expansion of social media usage among advisors and redesigning its tablet application for clients.
"These investments are part of our multi-year commitment to leveraging the core strength of our business, the relationship an advisor has with the client, as we extend advice to our clients in a 24/7 world, (and) while building a clear on-ramp to investing for the next generation of investors," Mack said in a statement.
McConnell previously was vice president of product and user experience design for AmercianExpress.com, and before that head of digital client strategy at J.P. Morgan Asset Management.
Her knowledge of innovative solutions and customer friendly digital experiences will be a tremendous advantage to our business," said Mack.