New immigrants in the U.S. have similar dreams for their children’s future and financial stability as their predecessors.

The market for wealth management solutions continues to grow. As financial institutions formulate wealth management strategies, a number of challenges can be found along the way, including integrating applications and systems within a wealth management framework, selecting the appropriate solution provider, choosing the best deployment option, obtaining the most accurate data, and complying with new regulations.

There has been a lot written about data analytics in the recent years. A revolution has certainly begun but what are the affects to corporations and consumers across industries. One cannot address the topic of data analytics without first considering the privacy concerns of clients and consumers.

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.

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.