Traditional wealth management firms are turning to tech in a bid to save themselves, but is it already too late?
The wealth management industry is on the verge of the most significant intergenerational wealth transfer in history, and new wealth holders are looking to shake things up.
In 2021, EY found that 28% of wealth management clients expected to move wealth relationships over the next three years and Fintech firms are set to win big.
A desire for a more digital approach is behind this, accelerated by Covid, 51% of users globally are looking to leverage virtual tools, including 78% of millennials and 56% of Gen X.
But consumers are not looking for a complete overhaul. Overall, clients prefer a hybrid version of wealth manager with both an advisor and digital tools.
This asset transfer represents a unique opportunity for emerging, technology enabled players to pave the path to a new kind of wealth management market.