Insights, reviews and market analysis at Objectway's first International Customer Conference
Wealth management firms must take a bolder stance on new technologies, or they risk being left behind. This is the conclusion reached by wealth management influencers, researchers and managers speaking at the International Customer Conference hosted by Objectway.
Despite the demands of an ever-increasing number of ‘digital clients’, wealth managers are moving too slowly on developing a complete digital strategy that integrates multiple channels, services, and delivery models. Analyst Ashley Globerman from Celent stated that, while wealth managers have begun to implement aspects of a digital technology strategy, they have been slow to adopt hybrid delivery methods and to address the automated investment advisory space.
“Power is shifting to the client and this trend will continue as new digital providers enter the business,” said Globerman. “Wealth management firms that are slow to respond to these changes will be at a significant disadvantage.”
Among wealth managers who have recognized the need to act sooner rather than later is Belgium-based TreeTop Asset Management, which shared the firm’s experience with Objectway’s digitally enabled omnichannel Conectus platform. TreeTop leveraged Conectus to develop its TreeTop ONLINE digital customer portal, which has helped the firm transform its business with an online solution that meets the expectations of increasingly digital investors. Conectus – like other solutions in the Objectway platform – is designed to simplify the path of wealth managers as they move toward a unified digital strategy.
“Our digital platform provides an omnichannel solution that enables wealth management firms to embrace the digital revolution,” said Alberto Cuccu, Objectway’s Chief Product Officer. “Our solutions integrate digital technologies such as business analytics, mobility, and customer centricity into a single digital platform. Now advisors can meet the expectations of their clients in any channel they prefer, even if their preferred channel is completely self-directed or self-service.”
In his closing speech at the Conference, Jim Marous, top market influencer and co-publisher of The Financial Brand, pointed out that digitally engaged high net worth investors are driving the wealth management industry towards greater use of digital technologies. These investors are socially active, always connected, and start their investment management shopping process online. As such, they have created a market for automated advisory tools based on artificial intelligence; just the first step towards sophisticated virtual advisors that in a not-so-distant future will leverage the bigger trends growing today like Internet of Things and Big Data.
Luigi Marciano, CEO of Objectway, believes that the wealth management insights shared are at a critical juncture. “With our conference, we are pleased to offer a new forum focused squarely on the wealth management vertical market and the challenges it faces,” said Marciano. “We are confident that the thought-provoking perspectives shared today will further the debate that needs to take place for the segment as a whole to move faster down the path toward its digital future.”