Wealthtech, or fintech that supports wealth management, is bursting onto the financial management industry. We have heard from Reed Colley, CEO and co-founder of Summit Wealth, and Don McHenry, senior product manager of Morningstar ByAllAccounts to get a better idea of how wealthtech is affecting the industry and what are the current five top trends to watch.
Data automation is one of the key technologies driving the industry forward, as advisors need to access clients’ data more efficiently than ever before, while also ensuring a powerful digital experience for all investors. Additionally, new cloud infrastructures, serverless computing technologies and true APIs provide better data flow and improved security from multi-tenant models.
Moreover, micro-services, modern languages and libraries guarantee exceptional client experiences by connecting the investor’s wealth to their values, on a more intimate level. With the rising popularity of passive management, advisors should focus on helping investors reach life goals, instead of solely focusing on investment performances.
Wealthtech is also helping wealth management firms make their practice more efficient and cost-effective, by taking care of formerly manual tasks. Yet many companies may be overwhelmed by data challenges, an overly complex tech stack and the need to bring the right technical expertise into their team. Outsourcing regular consulting or auditing is often the best way to keep up with the changing landscape.
Reed Colley is the CEO and Co-founder of Summit Wealth, a modern wealth management platform. He has extensive experience in the wealth management field and has been providing innovative solutions to his team and clients to get ahead in the game. Colley is adamant that personalization and scalability are key to delivering successful wealth management solutions to clients.
Don McHenry is the senior product manager of Morningstar ByAllAccounts. He has long been advocating the importance of convergence between the greatest generation, boomers and the younger generations, which puts pressure on wealth management firms to quickly adapt and adopt these technologies. He also stresses the importance of technology in helping advisors gain a greater share of wallet and deliver superior and integrated experiences for all stakeholders.
Watch the full on-demand Spotlight to gain valuable insights into the wealthtech industry, including emerging innovations, staying competitive and top strategies for success. This is an essential source for everyone interested in understanding how to leverage the power of wealthtech and take their business to the next level.
