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Grand Cayman wealth management benefits from technology

It is good to see that our competitors are also beginning to cotton on to the benefits offered by technological advances in the wealth management sector, with 60 per cent of wealth managers conceding that fintech poses a real threat to those financial advisors and wealth managers who fail to innovate.

“Sophisticated investors are still willing to pay for expert knowledge and advice, so the human adviser will never be completely replaced. However, the rise of new distribution models and players means the wealth management industry is on the cusp of change,” commented Iain Chidgey, vice president of Delphix, the firm which commissioned the research.

The great thing about wealth management technology is that it offers more for less, improving customer outcomes, enhancing in-house efficiency and increasing client acquisition.

Most important, however, is the way firms choose to implement this innovation; as one of the most comprehensive and experienced wealth management companies around, Blacktower understands that although technology is useful to increase client gains and efficiency, it cannot ever be a substitute for human advice and interaction.

Other News

Brits Urged to Take Up German Citizenship

German crowdExpatriate Brits living in Germany have been advised to look into the possibility of becoming German citizens, as, amongst other things, naturalisation is likely to make the practicalities of Germany wealth management more straightforward.

Expat group British in Germany has said that British people living in the country should act quickly as it will likely be harder to achieve citizenship if the UK leaves the EU on March 29 2019 without a deal. In the event a deal is reached, Brits will have until 31 December 2020 to apply for dual citizenship, according to Germany’s foreign ministry.

Effectively, this means that if Brits want to be able to ensure dual citizenship, they must act quickly as a no deal scenario could mean they have to renounce their British citizenship if they wish to become German citizens. The sooner Brits attend the Ausländerbehörde (Foreigners’ Registration Office) for advice the better their chances of securing a favourable outcome.

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TOP TIPS – Review Your Finances for 2020

Ready for 2020The start of a new decade, and with it the beginning of a new era for Britain and its citizens in the form of Brexit, represents the perfect time to review your wealth management plans. From taking a look at the suitability of your asset allocation and your pension savings to reviewing your tax and estate planning, now is an especially pertinent time to develop a clear path into the future.

While Brexit is not quite a done deal yet, there is at least some clarity and although Boris Johnson might have been unable to get Brexit ‘done’ immediately, one thing is pretty clear: as of 31 January, the UK really will begin the process of leaving the EU.

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