The future of wealth management:
3 trends which will change the finance world
The global economy appears wracked with uncertainty at the moment, the impending risk of a no-deal Brexit, political instability and volatile markets are all contributing. But wealth management is still a vitally important field, and savvy investors are wondering about how best to protect their finances. Montagu Mayer are industry leading experts at providing expats with bespoke financial services – we’ve gathered together three of the biggest trends for you that will impact the future of wealth management:
1. Automation of processes can help keep costs down
Many companies have started to utilise ‘robotic process automation’, or using algorithms to automate many of the processes they would previously have had to hire whole teams of analysts for. This has enabled them to keep costs in the market down and remain competitive, providing a similar level of service while reducing business inefficiencies. Firms using robotic automation are impacting the marketplace as a whole, and customers can expect more developments on this front as the technology continues to evolve and improve.
2. Innovation is key for future growth
The Great Recession had an enormous impact on the financial world, and since the recession returns in traditional investments have been more subdued than many investors have come to expect. Seeking higher returns, innovative, more risky investment opportunities are gaining credence. The drive towards personalisation and developing a customised user experience is an example of this kind of innovation. Several leading financial service providers are utilising different apps and processing interfaces to capture new customers.
3. A more competitive marketplace
The vastly improved ease of access to the financial services sector and relatively low switching cost between providers has opened up the marketplace, bringing previously unseen levels of competition to a formerly slow-moving, well-protected industry. To keep up with this increased demand, many financial service providers are rapidly seeking to unbundle their products and services, offering more of a ‘modular’, pick and choose option, rather than expecting to tie consumers in with complex arrangements and get them to sign up to a range of products and services.
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