As client demands, advisor expectations, the blurring of wealth verticals and competitive pressures increase in new and unexpected ways, wealth managers are compelled to analyze their business models and transform their ecosystems.
Compounding those challenges is the growing awareness among firms that their digital transformation is mandatory. Decision makers must prepare for what is next today to create new, scalable infrastructures as quickly as possible. Finding a way forward will require leveraging emerging technologies to address a multiplicity of hyper-personalized solutions to accommodate the marketplace needs of the rapidly changing investment landscape.
Tomorrow’s successes will be measured by the pace of a company’s technology modernization; the speed at which new ecosystems are developed to compete in today’s environment. Over the following pages, we will explore both the challenges faced and the strategic steps needed for developing successful tech modernization strategies.