Give me something that I don’t have – WealthTech
FinTech companies provide the chance for Private Bankers and Wealth Managers to position themselves as 4.0 Trusted Advisors.
By FINTECH Books Contributor, Enrica Sighinolfi
Follow: @enricasgh
The Wealth Management landscape is already going through massive changes driven by FinTech and will be disrupted even more in the next years and decades particularly by the advent of AI. Private Banks made of high ceilings and red carpets will no longer exist as the financial knowledge of HNWIs grows at the same speed of their appetite for direct investment.
Traditional professions like the ones of traders and brokers will be performed in the future by robots and machines that will be able to process and manage a broader amount of information and react to market fluctuations in a more optimal way than humans.
How can humans differentiate themselves in such a revolutionary context? By providing that personal touch that, by definition, machines will never be able to provide: by building communities and sense of belongingness, by underlining the purpose linked to investments that go beyond mere return and take into account their impact on the world.
Wealth Managers will keep their role of Trusted Advisors but more as Thought Leaders, as someone who can provide their clients with knowledge and opportunities that they wouldn’t be able to get otherwise.
How does this revolution start? FinTech companies provide the chance for Private Bankers and Wealth Managers to position themselves as 4.0 Trusted Advisors. Platforms for CEOs and HNWIs to share business opportunities with exclusive peer-to-peer networking and the opportunity to access direct investment at a global level will be key in the future of wealth management.
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