Wealth Management Disruptive Trends

Rapidly emerging technologies and a myriad of new government regulations have transformed the wealth management industry. As the political and economic landscape continues to shift quickly, financial experts have identified the biggest wealth management disruptive trends of the year:


Recent research continues to point to the fact that Americans are woefully unprepared for retirement. As the Baby Boomer generation inches toward retirement, society will continue to see the disastrous effects of this lack of preparation.


As financial advisors continue to adjust their fee schedule and practices, the industry as a whole will be left wondering where everyone will land. Regulators are increasingly demanding that advisors provide more transparency and structure in fee assessment.


Just as medical trends are going through a holistic approach revolution, the financial sector is also looking at the whole picture when approaching personal economic goals. This new way of financial planning is more goals-based and is inspiring firms to offer a more full-service experience to customers in an effort to encapsulate this holistic trend.


One of the most significant benefits of the increased use of technology in financial planning is the use of account aggregation to assist customers in seeing the big picture. This trend has been supported by the rise of digitization in the industry as well as the launch of robo-advisors.


Although the United States is still behind the curve in this development, new European Union regulations have gone into effect in an effort to put pressure on financial firms to do a better job securing data and guaranteeing client privacy.


The use of AI in financial applications can provide a host of benefits including more effective prospecting and automation of office practices. As the technology continues to develop at a breakneck speed, financial firms will be more aggressive in the implementation of the services to benefit clients.


As the new “it” term in technology, the implications of blockchain are still relatively unknown. However, as the technology continues to evolve and become more honed, financial executives will be quick to capitalize on this trend as a viable way to organize data.