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Robo AdviceeNewsletter Summer 2018

Regulatory changes and the emergence of digital entrants into the wealth management space have indeed affected the industry in several ways. These along with the business objective of expanding the potential client base through the provision of better and more affordable services lead to seeking more suitable operational models.

With new regulatory frameworks, such as MiFID II, GDPR, etc. designed to safeguard operational integrity and customers’ data, firms need to revisit their strategies. In this context, a top priority for Wealth Management Firms is to comply with the latest regulation, while providing quality of service to clients. This adds a number of operational tasks to deal with on a daily basis that might out-focus from the long term objectives of the business, lower the quality of service and put a pressure on the profitability of the organisation.

Furthermore, customers are becoming more tech savvy and want to be connected instantly thus are expecting information and reporting at hand (on their mobile) something that contributes to better client interaction with the wealth managers, deriving from deploying modern technology tools that efficiently address market trends.

With these trends in mind, Wealth Management Firms operating in a traditional manner may find it hard to compete unless they embrace the evolution wave to the best of their interest. This can either be done through collaboration or through the use of FinTech tools that enhance their operations, improve internal efficiency, respond to client demands and finally increase total profitability. One of these, is the latest trend of Robo Advisor; many organisations might consider it as a foe given the existing number of robo advisory firms. However, everything is a matter of perspective and implementation. 

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