What is the future for wealth management?

QuietGrowth - Future for Wealth Management

As the world is becoming more prosperous, the future of wealth management is bright. The size of the industry in many part of the world will grow at a healthy pace.

The future of wealth management will be more tech-enabled. There will be a continuous improvement of tech-heavy services. Most of the product innovation will be led by certain specific firms who have considerably higher execution skills or R&D budgets, while the rest of the firms attempt the catch-up game.

Some amount of consolidation in the industry might also happen. Each geographical area will be dominated by few players who continually invest over many years in tech-enabled features that are specific to the needs of the clients of that region.

Robo advice firms will come up with different features to cater to different needs of their clients. That means, various aspects of wealth management service will be automated. For example, in Australia, robo advice will encompass the activity of investing through an SMSF.

In coming years, many existing asset management companies, and wealth management divisions in various banks will roll out their own versions of robo advice. They will build the product on their own from scratch, will acquire an existing robo advice firm, or will partner with an existing robo advice firm.

We at QuietGrowth are excited about the future of wealth management.

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