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In fact, many analysts have noted that the recent pandemic and economic crisis will drive consolidation in the industry. This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account. Our wealthtech industry coverage continues this week. We looked at the industry last week and reviewed the top trends earlier this month. Since category sizes vary, the number of our selections also vary.
Fully automated roboadvisers These are online platforms that provide automated, algorithm-based portfolio management without intervention from human advisers and without personalized, one-on-one conversations with a human adviser. Hybrid roboadvisers These are traditional advisory services, including personalized conversations and actively managed portfolios blended with computerized portfolio recommendations.
Alternative investing platforms These are platforms that link participants to unconventional investment types, such as private equity, hedge funds, futures, real estate, etc. News and information companies These are online platforms that help users discover news and market trends before they go mainstream. Some include social networking aspects. With just around the corner, what trends are likely to drive innovations in wealth management technology, aka wealth tech?
The biggest potential regulatory change is the Department of Labor rule that financial planners must act as fiduciaries. The Trump election victory, accompanied by Republican control over both houses of Congress, may make this rule irrelevant. But most in the wealth management industry are nevertheless making preparations in the event the rule announced this past spring and to be rolled out next spring is kept. One concern with regard to the fiduciary rule specifically related to wealth tech is how fiduciary responsibility would work with robo-advisories.
Can an automated investment platform determine conflicts of interest between the planner and client? What technological tools will be needed to give robo-advisory platforms this capacity? Maintaining fiduciary responsibility with a robotic investment platform suggests two potential scenarios: increasing use of human advisers in combination with automated technology, and deploying sentiment analysis technologies to better interpret nonverbal communication between planners and clients.
Virtual meetings could even help managers deal with greater fiduciary responsibilities. The channels can include everything from the use of Skype calls and video conferencing to more elaborate virtual meeting platforms such as those from Finovate alums like SuiteBox F16 and SaleMove F Both PwC and Deloitte have noticed the trend. Advisers are focused on the level of service we provide and being accessible in more ways … virtual meetings is a great example of that.
The ability to integrate financial data using APIs Application Programming Interfaces has been a huge boon for finance in general and wealth tech in specific. API use and adoption within wealth tech is especially strong where brokerage services are involved , e. At a fundamental level, APIs enable linking multiple apps portfolio management, document management, pricing systems ; eliminate manual data entry; and limit mistakes during data transfer and update.
Marion Asnes of Broadridge Financial Solutions emphasized this last point. Both digital storage and ensuring ready accessibility of data are two trends in wealth management that point to the growing importance of advisor platforms to help wealth managers to their work. Innovations in wealth management and financial advice platforms enable better engagement. A good example is Polly Portfolio F16 that uses natural language technology to ask customers about their financial goals and economic outlook to personalize and, importantly, explain portfolio construction.
Combined with API-delivery and the inclusion of functionality like video, innovations in platform design will be key to help managers and advisors take advantage of industry trends. As robo-advisory becomes both more sophisticated and more accepted, an increasing number of high net worth HNW individuals are taking the automated investment route for some part of their finances.
Catering to high net worth clients, according to some, involves both greater technological sophistication on the part of robo-advisors as well as more extensive customer service. Specifically, high net worth clients may require access to more complex investment vehicles , including non-equity investments, as well as more advanced rebalancing and tax harvesting than the average investor. Other services, such as helping HNW clients manage sizable amounts of cash a la MaxMyInterest F14 , would also help encourage more wealthy investors to allocate a portion of their assets to robo-advisors.
One large trend wherever clients and customers are involved is the role of small data, the kind of basic client data—demographics, for example—that can be very informative for the financial planner or wealth manager. In addition to providing better service to customers, small data can be the key to making a wealth management or financial planning business more efficient.
Knowing which revenues are coming from new versus existing clients , for example, can help managers get the right products and services to the right customers. This is another area where innovators have produced platforms and software to help analyze client data and provide insights, often leveraging visualization technologies. For financial institutions looking to provide wealth management services via robo-advisor, the question is whether to build or buy.
While each approach has advantages and disadvantages, many FIs and brokerage firms have already decided:. But acquisitions have been a way for FIs to get up and running with robo-advisory service in a hurry. Other FIs are splitting the difference and instead seek partnerships with robo-advisors. The recent agreement and investment between Citizens Bank and SigFig to help the former build out a robo-advisory platform is an example of this approach. And Schwab Intelligent Portfolio charges 0.
These percentages would lead to a wide range of fees depending on how much you have in your account, so the choice ultimately comes down to the investor. Would you prefer a flat fee, or a percentage based on other factors? Interested in learning more? Join other Insider Intelligence clients who receive thousands of Fintech forecasts, briefings, charts, and research reports to their inboxes. Top Robo Advisor Conferences.
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Below is some pertinent information on the current state of the robo advisor market. Get a daily newsletter packed with stats about trends affecting your industry. Sign up for Chart of the Day. Loading Something is loading.
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