Is the fintech wave a threat or an opportunity for financial advisory firms?
Scott Smith says that Investors expect their advisors to “take the time to understand my needs and goals,” “look at my entire financial picture” and “explain analysis clearly” as the most important qualities they are looking for in an advice provide.
Equipping advisors with the right tools instead of replacing them: this is where the future of the advisory is, in finding the right combination of human touch and technology.
According to Julien Courbe of PWC, fintech is not at all threatening financial advisory, but it is giving them new opportunities. In today’s world, the experience itself has become very important in the sector of asset and wealth management – it is not anymore about creating features, functions and tools but more and more about the combination of technology with the right amount of personal relationships.
A current trend, which definitely has to be borne in mind is the evolvement of mobile solutions – thanks to mobile applications, “wealth and asset managers can develop new channels to access their customers and to actually enhance the relationship with their customers”, says Julien Courbe.