WealthTech Trends 2020 Revisited
Summary
But, the AI and data trend in investment management is not going away because, implemented effectively, these technologies can enhance and augment what a trusted, human advisor brings to the table. “Holistic planning will become the foundation of advice and guidance, and regardless of the delivery modality, will accelerate the collapse of non-customer centric silos.” The pandemic has triggered a crisis in public and personal health, the economy and global financial systems, thereby demonstrating a profound interconnectedness of these issues. “Technology will empower a new type of enabled customer, seeking more collaborative wealth management relationships.” Of all the trends observed back in late 2019, this is the one that is most likely going to be drawn out over a longer period of time. It is clear that the legacy game plans of many wealth managers will increasingly be proven to be non-differentiating (i.e.: product shelf, service offering, tool set or investment approach) which will only result in the five core trends becoming more relevant. As we adapt our businesses to the new realities at play in community health, the economy and the financial services industry, we would be wise to recognize that many of the trends have already revealed themselves – it’s the urgency that has increased so precipitously.