Wealth management firms are making it very difficult for clients to open accounts online, according to a new digital banking report by Avoka.
Only 24 per cent of wealth management products worldwide can be opened on a mobile device, according to Avoka's new digital banking report.
Australia is doing much better on this front than the US and Europe, according to the report, with 38 per cent of Australian wealth products being mobile-friendly (up from 26 per cent in 2016).
The best banks, according to Avoka, have combined the "personal touch" of a financial adviser with the convenience of a digital sign-up approach.
"Depending on paper sign-up processes for wealth management is not a long-term growth strategy," said the report.
"Since wealth products are important for high-value customers, and there is increased digital competition from non-bank wealth management options, beefing up the availability of wealth account openings would seem to be a priority," it said.