In the World Economic Forum’s newest fintech report prepared in collaboration with Deloitte, three different scenarios are presented that describe how emerging technologies will transform the wealth management industry. Across the scenarios, human advisors continue to play an important role in the wealth management process, although their value and focus is expected to shift substantially. The 197-page report also discusses a wide range of industry scenarios that forecast the impact of fintech across a spectrum of conventional financial services, including payments, insurance and lending.
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
SoFi gets into wealth management | TechCrunch
SoFi wants to be at the center of its members’ financial lives, and believes the best way to do so is to provide new products that complement its existing portfolio of student loan, mortgage and other loans. Today the company is announcing the launch of SoFi Wealth, a product it believes will compete with Wealthfront, Betterment and other low-cost wealth management platforms.