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.
Being an expat has many potential benefits and opportunities, but residing abroad also brings with it certain complex financial considerations. In many ways these can be made all the more complicated if you also happen to have foreign husband or wife, particularly in regard to your expat pension planning.
After the announcement in January 2018 from the Malta Financial Services Authority, stating the significant pending changes to Maltese pension and MiFid regulations, both companies and advisers alike felt the net tighten around their daily practices.