The rise of the Bionic Advisor in wealth management
The future of wealth management relies on the successful use of technology. Traditionally, wealth managers have built their businesses on personal relationships, often going back decades and relying on regular face-to-face contact. It is a formula that served the industry well in the past, but has left it wanting in an era of tougher regulation, and the explosion of digital technology in the workplace and at home. Under pressure from regulators and technological developments elsewhere in financial services, the industry is evolving, though some firms and advisors have been quicker to adapt to change than others.
Finding the right balance is not easy and there is no single answer that would work for all firms and with old styles of service competing against new, the industry is struggling to find its footing. This gives rise to a new breed of advisor, one that is able to adapt to the
changing face of the market and utilise all of the technological tools at hand to better serve their clients – the bionic advisor.
The firms and advisors who learn to leverage technology will enjoy a competitive advantage over the market for years to come.
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