Incorporating technology is essential for wealth management firms to tap the coming wealth transfer, but many are simply unprepared, according to a recent report.

“Firms across the globe haven’t figured out how to connect with the next generation; they have realized for quite a while this is a big problem coming their way and getting closer to the time when we see more assets shift,” said Alois Parker, research director at Aite Group, which put out the report in conjunction with financial data provider Refinitiv, according to Forbes. “Tech should be vital for them, and they are lousy at it.”

Forty-six percent of wealth management firms aren’t satisfied or only partially satisfied with their company’s digital services, Forbes writes.

But firms that embrace tech stand to win clients who don’t yet have the wealth to be of any interest to a traditional advisor, according to the publication.

For example, advisors aren’t likely to jump on an average account in the U.S. of $350,000 to $500,000: “There is not a whole lot you can do with that size account, to be honest,” said Joe Mrak, global head of wealth management at Refinitiv, according to Forbes.

Most firms, in fact, set a minimum of around $1 million, unless the client is related to an advisor’s relative, according to Mrak, the publication writes.

“This has created a real opportunity for smaller community-oriented banks to pick up accounts probably starting around $50,000. Tech makes it easy,” Mrak said, according to Forbes. “Where they are using the right tech you can create tremendous efficiency.”

And while wealth managers need to be using client data and analytics to tailor their services, “many wealth managers are still struggling with data that is inconsistently dispersed across the organization and frequently hard to consolidate,” the report says, according to the publication.

At the same time, many wealth managers’ digital portals “are lousy,” said Parker, according to Forbes.

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