A Quick Look at the History of the Wealth Management

1st January, 1970

A Quick Look at the History of the Wealth Management

In order to fully understand digital disruption and integration in wealth management, we need to comprehend the history of this industry. This article will overview the timeline of the wealth management sector, and propose the reasons to go digital.

What is wealth management?

According to Investopedia, wealth management stands for “a high-level professional service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning for one set fee.”

A unique attribute to wealth management services is that a client (customer) works with a single wealth manager.

Wealth management – the timeline

It is believed that the term “wealth management” was introduced in early 30s’ by companies like Goldman Sachs or Morgan Stanley as they wanted to distinguish mass market from wealthy private clients. At that time wealth management was a very niche service, as banks rarely focused on the accounts that were worth less than $10-$20 million.

In late 80s’ wealth management became more “popular” term as private banks and brokers began spreading knowledge. They were offering seminars and events where the expertise and capabilities of sponsoring firms were showcased.

The great recession in the late 2000s’ shaken the wealth management industry, and at that time it became obvious that individuals need to be more educated about their wealth and establish better communication with their wealth managers. Not long after, digital disruption completely changed the way that wealth is managed.

However, client-manager relationship is not the only thing that has changed within the wealth management and private banking sectors recently. This year’s Digital Integration in Wealth Management event in London will give you a comprehensive overview of the industry.

Why wealth management is going digital?

  • Better service to existing customers
  • Access to a new segment of customer
  • Reduced in operational costs
  • Better time-management
  • Higher productivity
  • Enhanced management of risk and compliance.
  • New competition from non-traditional companies

If you want to better understand how you can integrate digital capabilities with your existing wealth management processes to enhance client engagement and reach new segments, visit the Digital Integration in Wealth Management 2018.


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