The wealth management sector is changing (#wealthischanging!) but, still, there is a great deal of fragmentation of knowledge resources focused on meeting the sector’s business needs. We believe there is a clear need for focused and accessible resources to support the market’s business needs, whether we speak of wealth managers themselves or the solution providers that support them.
That need is why we are building The Wealth Mosaic and why we are building our platform out from a dedicated, engaging and comprehensive digital directory. And let’s not look down on a directory. In fact, we think of the directory that we have built and will continue to build as an engine room that we can use as the foundation of a deep, engaging and dynamic knowledge resource for the broader benefit of many players in and around the wealth management sector.
Indeed, there are a multiple of very good reasons why we need to build this directory-based platform. Here are 6 to get you started on our thinking and the possible benefits:
- A future of partnerships
In a more complex and demanding environment, the old model of doing everything in-house is increasingly under attack and unsustainable. We see the future as one of increased partnership between wealth managers and solutions providers. The need for wealth managers to have access to a complete directory of relevant solutions and solution providers is therefore clear.
- Dedication and focus
Any existing directories around the sector are either too broad, mixing wealth management in with other sectors, too limited, not going anywhere near deep enough, or an after-thought, like a small group of names in a list which may or may not be categorised. The sector needs a dedicated directory, built for its business needs, in order to support quick access to knowledge and to evolve as trends dictate.
- Pace of change
With so much happening around the sector, and at a faster pace than before, there needs to be a way to track that. Focus on one sector is one way, which we have, while another is to have a platform and a directory-led structure to capture it, which we also have. Through our marketplace and business needs structure we can track the solutions and solution providers and through our knowledge resources and themes sections we can collect, aggregate and content that is relevant for the market’s needs.
- Research-led and curated
The sector also needs dynamic and engaged resources. Our directory has been built and will continue to evolve and stay relevant because it is research-led. We are doing the Googling and discovery work for the market, not sitting back and waiting for it to come to us. Further, this resource is curated and only hosts what is relevant to wealth managers. If it is not relevant, it is not in.
- Cost of knowledge
The financial and time cost of accessing the sort of knowledge resources our platform will host is far too high for most wealth managers. Even the biggest will struggle alongside doing their day jobs. Our directory-led platform is a focused resource, freely accessible for wealth managers of all types, and not tied to any product or service providers meaning we can build it based on the sector’s needs, not the preferences of one firm over another.
- Effective decision making
Without a full view of every option available in the market, how do wealth managers ensure they are making the right decisions? Following the crowd and working with who you know might work to a degree but it has risks and cannot be seen as the best option in a changing marketplace. Our directory will aim to highlight every available option, and support that with a range of knowledge resources, to support the buying market to make more effective decisions.
There are certainly more reasons but we hope you get the picture. The Wealth Mosaic is a dedicated resource for the global wealth management sector, built out from a deep, curated and engaging directory of solutions, solution providers and relevant knowledge resources. From this platform, we believe we can create a go-to knowledge resource to support the business needs of the sector.
#wealthischanging #wealthmustadapt #wealthsolutions #wealthknowledge #dedicatedtowealth
