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.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
For many years now, people with pension pots built up through schemes in the UK – either through an employer or their own personal savings – have had the ability, once retired, to transfer them from the UK for the opportunity to gain control of their own pot and receive more favourable tax treatment.
Now that September is here, the summer is definitely drawing to a close for another year. For those of us living in the UK, we no doubt have a dark, cold, and almost certainly, wet autumn and winter to look forward to. While this summer may have been better than some years – 2017 saw the country blessed with bursts of intense heat, including the hottest August Bank Holiday weekend on record – the warm sunshine was only fleeting.