We are pleased to announce the release of our summary paper for WealthTech Matters – The Business, brought to you in collaboration with Owen James Events. This WealthTech Matters event focused on businesses and their processes and set out the core issues wealth management firms currently face and how technology can have a transformative effect in strategically driving a business forward and positioning it for long-term success.
The event was supported by a scene-setter questionnaire that was designed to provide a finger on the pulse of what the community is thinking, including the areas that are the biggest concerns, priorities for strategic development, barriers to productivity, and intentions regarding investment.
The event at a glance
The initial discussion, ‘Innovation tactics - adapting business models for competitive advantage,’ was led by David Ferguson, Chief Executive Officer at Seccl Technology. It focused on how legacy systems, fragmented data, and lack of integration between front-, middle-, and back-office systems hinder efficiency and innovation.
The second roundtable, meanwhile, ‘Data Cloud – bridging the data gap,’ featured George Koshy, Product Solutions Manager at SEI, and Edward Blake, Chief Technology Officer at Waverton Investment Management. The session looked into the need to manage data in more depth, citing the need to control it, have accessible data sources, and balance the risks of dealing with third-party providers. In combination, this points to the need for an innovative data strategy that encompasses data security and quality.
Engagement and service are all the more important given the recent introduction of Consumer Duty. The act aims to ensure the best outcomes for clients and feeds well into the need for advisers to spend more quality time with clients. This was identified in the third roundtable: ‘Meeting expectations – how technology can help with regulatory requirements.’ Led by Chris Jones, Proposition Director at Dynamic Planner, the panel showed that Consumer Duty represents a significant opportunity for client-focused transformation.
Using technology to harness data and drive engagement through personalisation was a theme in the fourth session, ‘Looking ahead - leveraging digital to drive positive business transformation’, led by Alessandro Tonchia, Head of Strategy at InvestCloud Europe and Asia. It evaluated the key challenges and solutions around data quality and availability and explored the use of Artificial Intelligence (AI) tools.
The fifth roundtable, ‘Productivity boost - the power of AI on processes,’ continued exploring these ideas. Participants thought that AI could be a significant enabler when it comes to efficiency gains, with many use cases cited. This session, led by Rob Tedder, Account Manager UK at Conquest Planner, looked at the implementation and potential of AI in wealth management and that the role of the adviser is likely to evolve, with lower-value services becoming automated, freeing up the adviser to spend more time on higher-value ones. Participants also discussed AI being adopted and used invisibly, eventually exceeding human abilities in niche areas.
Meanwhile, the last session, ‘Clouded vision – managing the different motivations around cost and complexity,’ looked at the various aspects of managing technology and digital transformation projects, including the challenges of aligning stakeholders and driving demonstrable benefits from technology investments. Led by Dave Mason, Managing Director at Solve, the thrust of the discussion was that outcomes need to be measured, not just in terms of cost. Metrics need to extend to other areas like productivity, staff retention, and customer outcomes. When contextualised to the need to invest in technology, there should be an effort to secure cultural buy-in at all levels.
Stay informed, stay ahead, and shape the future of wealth management. We invite you to read and download the full summary paper for WealthTech Matters – The Business here.
About WealthTech Matters
Owen James Events and The Wealth Mosaic have collaborated to create a series of triannual events for key decision makers from the private wealth industry.
Technology is core to the future wealth management model, but in an increasingly specialist technology environment, wealth managers must engage with a deeper knowledge and understanding of what technology is available and can deliver across the three main areas of their business: their clients, their advisers and staff and their business processes.
WealthTech Matters focuses on these three themes to help delegates discover and discuss the technology solutions that will solve the key challenges facing their business.
You can read more about the WealthTech Matters event series here.
About Owen James Events
Owen James Events seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.
Find out more at www.owenjamesevents.com
