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How the wealth management industry is set to change

With the world as forward-thinking as it has become, technology is constantly evolving. In the financial industry, this means moving from paper-based financial advice to digital technology platforms. Every company should ensure it keeps up to date with the latest financial technology there is available as this will allow it to be competitive when it comes to attracting new clients for its business. With the new digital age, comes an age of cyber-attacks and internet scamming that steps up a level, so companies need to be constantly vigilant.


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Set for change

Without the implementation of excellent customer relationship management software, it is impossible to run an effective financial service. With the right back office systems for ifas, companies can ensure they run an effective digital service. For wealth management clients, an excellent customer relationship management system or back office systems for ifas can make the difference between lax wealth management and operative management services.

According to a Forbes news article, the transfer in great wealth from the early nineties baby boomers to millennials requires a reshaping in the wealth management industry. Generation X and Y individuals can smoothly move from paper trails and face to face meetings to digital platforms, which means that the wealth management industry has to constantly work to keep up. Banks and financial institutions have to ensure they move seamlessly from one to the other without alienating their older clients, which usually are the weighted lining of a company and hold it in place.

Digital era

Almost half of all wealth management leaders who were surveyed believe that a combination of digital and offline services is the way to move forward successfully. The ability to keep existing clients happy, while ensuring evolution with new customers, is how companies that deal with finances can keep current. High net worth clients enjoy the new digital age, but still prefer to have the option to have face to face meetings with their financial advisors. Technology is essential to keep moving forward in an age where everything is migrating over to the cloud and digital applications. Companies like are there to help financial institutions develop the right software to move their company forward.

Digital services are moving forward at a rapid pace and for wealth management to keep abreast, they have to move forward too.

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