Client preferences across the wealth management industry are evolving rapidly. To date, incumbents have been slow to embrace mobile as a contact channel across all parts of the client journey, including onboarding, discovery and servicing. BNP’s myAdvisory tool is a clear example of how mobile-first, chat-based technology can enhance the client experience and help institutions remain relevant in the digital age.
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