Skip to Main Content

2023 Guide to Next Now AvailableAccess our outlook

Choose a Regional Site
Insights

Just 3 Things: What Wealth Managers Should Learn From Fintech


Wealth managers need--but the current economic backdrop makes investing the average salary earner.In a societal environment where we’re seeing a values shift when it comes to the notion of wealth.


So, how can wealth managers overcome these challenges? When it comes to meeting customers at their point of need, there are few industries more adept than fintech. But wealth management needs to tread carefully before jumping on this particular bandwagon. Here are three areas where we think it makes sense to take inspiration from these digital disruptors.

1. Accessibility

Wealth managers have traded on exclusivity for too long, and growth-hungry firms need to change their approach. Fintechs are masters at opening up new think more democratically–and focus on the premise that investing in your future is  for everyone, not just those with a high salary or considerably high-value assets.

2. Customer-centric technology

The speed of technology adoption in the wealth industry has lagged against not only fintechs but other industries often driven by a fear of commoditizing a premium, high-touch service. But omnichannel access is no longer just “nice to have.” In fact, high net worth clients prefer phone or video conferences as their primary communication channel. Fintechs are known for being tech-driven, but the underlying truth is that they are relentlessly customer-centric. Embracing technology is essential for meeting customers where they are, but the underlying truth is that they are relentlessly customer-centric. Embracing technology is essential for meeting customers where they are.

3. Cross-generational strategy

Every wealth manager knows that forming relationships and trust are the foundation to gaining and keeping clients–but their methods for doing so are currently built for Gen X. A new generation of investors is looking to social influencers for financial advice, and wealth managers need to understand the implications these trends have beyond their marketing function.

Ultimately, the most important lesson fintech can teach wealth management is the ability to identify and implement new ways of nurturing and engaging clients. Explore how wealth managers can begin to engage new audiences in our Guide to Next.

Bradley Gamage
Bradley Gamage
Senior Client Partner
Melody Johansson
Melody Johansson
Senior Account Director

Related Articles