Strategy and Technology for the New Wealth Management

Abstract

The author suggests that financial service institutions' interest in the “new wealth management” is a natural evolutionary response of institutions seeking to regain and renew their competitive advantage. He discusses the business and technology drivers that should be considered by financial institutions when deciding to implement technology solutions to enhance their wealth management business. He concludes that, without a dedicated commitment to changing culture, actively reforming process, and engaging in strategic collaboration, the firm (and its divisions and advisors) will remain an island unto itself—a value proposition that cannot be sustained when clients and their fortunes are at stake.