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There is some concern that the emergence of “robo-advisors” may pose a competitive disadvantage and will ultimately change the playing field for more traditional advisors as millennials in particular; will tend to choose more technology-centric services that directly connect investors with suites of analytic tools to create financial plans over traditional advisory practices.

Published in Blog Entries
Friday, 14 February 2014 00:00

Be innovative and unlock your Big Data!

The new priority in innovation for Wealth Management firms is clearly Big data analytics. In the Capital markets industry firms process and produce considerable amounts of digital data in real time on a daily basis. This creates opportunities for broker-dealers, asset managers, custodians and hedge funds.

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The human contact may be the most important interaction between financial advisors and clients; yet the “personal touch” is increasingly downplayed. Financial advisory clients are increasingly turning to social media to streamline, and even help manage their investment portfolios. In a recent Accenture study of 400 U.S. financial advisors, 48% of advisors reported that they use social media to interact with investors on a daily basis; while 50% say they have “successfully used social media to convert prospects into clients.” While the benefits of using social media cannot be disputed; at the same time, clients are also looking for “personal communication”. The challenge is for Advisors to exploit the advantages of social media while making sure that the “personal communication” with clients is not ruled out completely.

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Finance – Knowledge@Wharton

Knowledge@Wharton is the online business analysis journal of the Wharton School of the University of Pennsylvania.