Greater connectivity and hyper-personalization will see wealth management become as convenient and engaging as online shopping or social media.
It’s often said that wealth and asset management is changing faster than ever, and that the industry of the future will look very different to that of today. But what does that mean in practice? How will investors interact with advisors in 10 years’ time? How will they send and receive information? How will they make investment decisions? Will they talk to “real” people at all?
To try and answer some of those questions, let’s imagine that it’s 2030 – twelve years from now. Mike’s son, aged 12 today, is a 24-year-old university graduate video chatting with a friend in Europe. He calls out to his virtual assistant: “Can I afford a July trip to Paris?” The answer comes straight back: “No problem, if you’re happy to work one of those extra projects in April.”
That scenario is an example of wealth as a service in action. Wealth as a service will be:
- Immediate and intuitive to use, offering a choice of communication channels (verbal, email, chat-bot, etc.)
- Automatically tailored to individuals’ needs and circumstances
- A filter sorting the bewildering investment universe into curated choices
- Continually learning and improving
Hold on – isn’t wealth and asset management already a service? Of course it is. But just as digitization has reshaped many industries, we think wealth as a service will see wealth management become as convenient and engaging as online shopping or social media: proactive, wholly personalized and giving investors everyday support that, almost unnoticed, becomes completely indispensable.