Are You Ready for the Robo Evolution in Wealth Management?

A Coming Robo Army

A Coming Robo Army

A newly published  paper explores the various ways robo is evolving and influencing the wealth management industry. Will there be a future for advisory?

Financial technology independent newswire and information source Finextra and software consultant EPAM have published a new report asking how far the financial technology innovators will drive and reshape the wealth management industry. 

Growing Fast

The wealth management sector faces challenges from every corner, rising regulation demands, increasing running costs, new clients who are more at ease with tech than traditional wealth advice channels. All of which support the growing influence of fintech.

The «robo advisors» who have already managed to attract $50 billion in assets in 2015 - leveraging digital, providing ease of access and transparency, running a low cost operating model and attracting some $50 billion in assets under management by 2015, according to analyst Aite Group.

Tip of The Iceberg

The Finextra/EPAM paper is based on interviews with both the traditional wealth managers and the robo advisors and has discovered that collaboration more than direct competition is the current norm.

However as it evolves at breakneck speed the digital impact certainly needs to be taken seriously. And with the transfer of wealth to the next generation, the current fintech influence may only be the tip of the iceberg as the innovators continually make new financial technology breakthroughs.

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