The following is an excerpt of an article that I published in the March/April 2017 issue of Investments and Wealth Monitor, [i] We feel strongly that the sentiment is just as relevant today as it was then.
Fintech thought leader Paolo Sironi argues that for wealth management firms it’s “go digital or die.” Such a provocative statement may be fear-mongering, but it should not go unheeded. Sironi points out, “Nowadays, the unveiling of the asymmetry of information is forcing wealth managers to rethink their product-driven approach at a time of declining margins and establish a healthier relationship with final customers based on clearer client/portfolio-centric methods. ” [ii] In other words, the wealth management firms that will survive and thrive will be the ones that embrace automation in both their investment operations and digital delivery.
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