Much like its North American counterpart, the Asian wealth management industry has experienced a wave of digital new entrants that are looking to reshape the industry. With a growing middle class market, one can expect that demand for low-cost, digital wealth solutions will continue to grow, creating parallel opportunities for incumbents and innovators. A recent survey by Hubbis supports the hypothesis that digitization will increasingly shape the wealth management industry in Asia, from mass affluent to high-net-worth segments.
How Fintech Is Shaping the Future of Wealth Management
A report from the World Economic Forum predicts three possible scenarios for advisors.
News: Time to digitalise amid tightening margins
Wealth management firms, both independent and bank-backed ones, have seen their pre-tax profit margins decline in each region of the world in the past decade. This has been due to factors such as the push by regulators for greater transparency and investor protection, the rise of low-cost passive investment vehicles such as exchange-traded funds (ETFs) and increasing competition from financial technology (fintech) firms, according to Boston Consulting Group’s Global Wealth Report 2017.The report says the biggest declines in pre-tax