Digital transformation in wealth management, until recently, was met with some reluctance because of concerns over how digital interaction tools may change the valued relationship between client and advisor. As an industry, with the value traditionally built on long term one-on-one relationships with their clients, part of this concern was whether digital tools may be perceived as a replacement of physical advisors for a mobile counterpart.

For a vast majority of wealth management firms, the challenge of adapting the structure and processes for mobile was another key factor initially limiting mobilisation. Security, integration and change management were all legitimate concerns, both to the firms and their end clients. In an industry often characterised by the use of legacy backend systems and historic processes, wealth management firms were also often unable to adapt to new technologies, even if they wanted to, without investing heavily in new infrastructure.

However, digital solutions provide wealth and asset management firms with ways to deliver enhanced engagement with clients, unique ways for clients to access their financial information and tools to transform how firms deliver services to their clients. Today, in a world where vast amounts of financial data can be processed faster than ever before, failing to have the systems in place to support such data and use it to help recommend or make better investments or financial decisions, can mean being left behind.

Customers are expecting to be able to manage, make changes to and understand their financial investments whilst on the move. Wealth management firms, as with virtually every other part of the financial industry, are rapidly changing their strategies to embrace digital engagement.

Mubaloo has worked with a variety of market leaders in the wealth and asset management space, including SEI, Aberdeen Asset Management and Brewin Dolphin, to help drive digital transformation in the industry. As such, our Consultancy Director, JP Luchetti, has been invited to speak at the Digital Transformation in Wealth and Asset Management summit.

In the lead up to the event, which is being held on 7 and 8 February 2017, JP spoke to ECN about digital transformation in wealth and asset management, including what is driving digitisation in the sector, the key success factors for digital implementation, along with sharing insights on some of the challenges and success stories.

The webinar is available to listen to here.

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