‘Meeting expectations – how technology can help with regulatory requirements’ was the third panel of the day, led by Chris Jones, Proposition Director at Dynamic Planner. And it showed that Consumer Duty represents a significant opportunity for client-focused transformation.

This session examined the Consumer Duty Act, the most recent regulation of significance in the UK, considered an opportunity for client-focused transformation - though large established firms may find implementing changes more difficult than smaller ones. There is debate about balancing scale and productivity, specifically, with independence and meeting individual client needs.

Missed the event? Access our full summary paper here!

Another major theme was the challenge of client engagement. How to get clients, especially the middle-aged demographic, to truly engage with their finances, the advice process, and embrace technology.

Solutions discussed included leveraging techniques from other industries like retail and leisure to drive engagement, using data and analytics to understand clients, and technology to improve communications and interactions. Participants also addressed the use of technology like videos and interactive tools to augment client communications and measure subsequent engagement lift.

The value in developing frameworks to capture evidence on positive client outcomes - resulting from advice interactions, assessing satisfaction, and surveying clients on fee perceptions to ensure charges are viewed as fair and transparent also came under scrutiny.

Ultimately, wealth managers need to identify opportunities to differentiate service offerings and develop fee structures to match client needs and preferences. Here, transparency and fairness were cited as key, and the difficulty in placing a price on a human relationship was also discussed.

In summary, it was thought that regulation and client needs are driving change, but technology and human advisers will likely need to work together in a hybrid model to deliver positive outcomes.

You can access the full output paper here.

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