The Future of Technology (and Advisors) in Wealth Management

Consumers today expect from wealth management companies the same level of technical sophistication, in the form of personalized services that they receive from companies like Amazon and Netflix. Part of the appeal of wealth management services is the personal relationship and the insights an experienced advisor can offer clients. Believing this relationship is most crucial to client engagement, though wealth management services are failing to take advantage of back-end technology to drive revenue. Artificial intelligence can analyze trends and help advisors tailor advice to particular clients, highlighting connections between investment behaviors and allowing managers to provide their clients with customized services. The companies and advisors who learn to leverage technology will enjoy a competitive advantage over the market for years to come.