NAB research reveals different investor 'personas'

NAB’s recent whitepaper puts Australian investors into three main personas in relation to personal wealth management. The personas are:

  1. The validator – wants advice and support in helping them manage their wealth, but without an adviser
  2. The self-directed – understands that there are investment strategies that are available, but doesn’t want an adviser
  3. The delegator – knows how important managing wealth is, but does not have enough personal time and has an adviser

The whitepaper released by NAB Labs – ‘Empowered Wealth: Exploring the Wealth Management Models of the Future’ - explores how Australians build, monitor and manage their wealth, and how these strategies might evolve.

Matthew Lawrance, chief executive of MLC and executive general manager of wealth at NAB, says the industry is changing due to the differing needs of customers. Customers want targeted support and advice across wealth management and banking, and it seems clear that taking the time to understand investors will help engagement levels.

Developing strategies for the creation of innovative services and products means understanding how to get customers to engage with their advisers however suits them best - face-to-face or digital or phone. 

Australians no longer think of their banking and wealth as two separate entities, but just think about their money as a whole. Changes in our population and technology mean traditional and digital advice models are no longer mutually exclusive, but must work together as a whole. 

Lawrance believes it is important to remember that many Australians do not engage with their money or superannuation, and everyone has different needs and aspirations. Advisers must be there to provide help, guidance, and advice during every life stage. 

The whitepaper has also noted how important holistic wealth management solutions are to the future of the industry. This will particularly affect the delegators and validators who want more support and advice. A single solution may be the answer, that can provide a number of investment options for customers to build their wealth, the ability to view their wealth as needed, and ongoing tools and insight that will help manage investments and money. 

The report explores the key global trends that are challenging how the industry, including fintech companies, are meeting the needs of investors