Wealth Management is Dead, Long Live Wealth Management
By Kamales Lardi
Founder and Managing Partner, Lardi & Partner Consulting GmbH
Wealth management is facing an unparalleled transformation as a wave of disruption sweeps across the industry. Although rapid technology developments are a significant driver, disruption has also been prompted by evolving consumer behaviour, emerging agile competitors, new business models, shifting regulatory landscape and democratization of knowledge. Additionally, client expectations have been transformed by superior interfaces and hyper-personalization offered by digital businesses across various industries such as Amazon, Netflix and Uber. Wealth management clients now seek immediate responsiveness, 24/7 information access, visualization of content, flexibility and control over data and decision-making. As wealth management firms grow to realize the true impact of disruption, many scramble to compete with young, innovative start-ups by adopting new technology solutions.
Although still a developing sub-industry within the overall FinTech ecosystem, the number of WealthTech start-ups has been growing steadily since 2012.1 Asset and wealth management firms are struggling to achieve excellence in creating superior client experiences. As a result, WealthTech start-ups are utilizing emerging technologies to capitalize on the growing gap between consumer expectations and traditional players. Start-ups such as Wise Banyan, True Link and Personal ...
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