3 digital wealth management trends to consider in 2018
Technology spending among wealth management companies has recently seen a significant increase and it is expected to grow further. Digital disruption, without and exception, is affecting all the industries in Europe. But how do we integrate these digital trends to mature wealth management sector?
This article will look at 3 digital trends worth considering when building your wealth management strategy for next year.
1. Robo-advice in digital age
Wealth management has to be handled in a different way than it was managed even a decade ago, due to digital disruptors. Evidently, smart phones, tablets and other digital gadgets, became inseparable part of every-day life. Average European will have at least one smart device – look around your house, how many do you own?
That is why robo-advice is so important when it comes to wealth management in a digital era. It cannot be ignored, as computer-facilitated processes are more reliable as they help to avoid human error and save time.
2. Social Media
When it comes to a social media and wealth management, we need to consider upcoming GDPR regulation changes. The upcoming Digital Integration in Wealth Management conference will have a very interactive Q&A session with the regulator over social media usage, digital trends and GDPR. You will have a chance to hear what this will mean for your company and what changes you might need to make to comply with the social media regulations.
3. Transfer of wealth & “how digital should you go”?
We have recently seen few digital wealth management trends related with the transfer of wealth. They are anticipated to grow even bigger for at least next couple years. Firstly, target market itself is becoming a disruptor. Bear in mind that more and more millennials are demanding wealth management services.
On the other hand, majority of High Net Worth Clients (HNWC) and Mass Affluents (MA) are aged customers. There are two challenges with this segment – how to educate them to accept new digital changes, and, more importantly, understand that the wealth might be transferred to younger family members at any point. This raises a question – how digital your wealth management company should be. Unlike other events – Digital Integration in Wealth Management – speaks about this “grey” digital area.
Digital transformation in wealth management is happening now, therefore those companies that fail to adjust to these changes and implement new strategies will not have a competitive advantage that digital-friendly businesses do. Digital integration in Wealth Management is the only event so far focusing on capabilities with existing processes to become more competitive at this time.
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