In this article, you can find out more information about the themes discussed in the WealthTech Matters - The business event, and the results of our scene-setter questionnaire, which we shared with the attendees on the day of the event, at the end of last year.
Missed the event? Access our full summary paper here!
The questionnaire is 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.
Key findings to emerge from the scene setter include the perception that outdated technology, regulation, poor processes, and communication were all productivity challenges.
Indeed, on average, only 28% of an RM/IFA’s time is spent on ‘golden/value-add’ client engagement time, and only 16% of adviser time is spent in meetings with clients. Deploying technology to empower the adviser to make the most of that time would up service levels and assets under management (AUM) through increased share of wallet.
The state of the economy, geopolitics, and their impact on market volatility is also a concern, as was maintaining the pace of innovation. Sourcing new clients comes next on the list of concerns, with disruptive new entrants racing up the pecking order this time around. The cost and burden of regulation and attracting talent were the big fallers, occupying less thinking time than previously.
We also considered SWOT analysis: strengths, weaknesses, opportunities, and threats. Concerns around the difficulty in attracting new clients and the UK economy impacting wealth creation need to be balanced with the opinion that the marketplace for wealth services is expanding overall. Thus, there is an opportunity for growth. The key, then, is to capture as much of it as possible. Artificial Intelligence (AI) is something in particular that is seen as crucial to the future - it is seen as both a threat and an opportunity – respondents clearly feel the need to respond to customer demand for a value-added experience that is smooth and seamless. That means a digitised offering. However, given that agility, adaptability, and proactiveness were the top strengths cited, respondents seem to have faith in their ability to deliver.
If you want to participate in the next WealthTech Matters, you can access Owen James Event’s calendar here.
About WealthTech Matters
Owen James 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.
About Owen James
Owen James 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 Owen James 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
