Wealth management of tomorrow: Is it human or hybrid?

Wealth management of tomorrow: Is it human or hybrid?

In a world interspersed with digitalisation and upended by disruptive technologies, digital enablement translates into sustainability. This may prompt futurists to perhaps predict the end of the classic, relationship-driven wealth management model, labelling it unsustainable.

While this may not prove entirely accurate - most experts believe that private banking will always be people-led. However, wealth managers who are slow to adopt digital technologies may struggle to scale their client portfolios. This has encouraged several providers to veer towards technology to enhance existing - or create new - solutions.

"Digital wealth solutions are already an area of focus amongst most wealth managers as customers are preferring to interact digitally, especially the mass affluent segment. As stated though, there is still a desire from clients to see their advisor but mainly for the initial investment; all servicing already requires a digital solution to be competitive,“ says Paul Cox, regional head of wealth development, MENA and Turkey, HSBC.

"Mobile is the only area that has not been fully integrated as yet, but this is just a matter of time. A fully operational wealth management 'bank in your pocket' is just around the corner.“

The Covid-19 pandemic, while ringing in numerous other changes, also accelerated the adoption