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As our world continues to change, the way we manage wealth and money is also changing. Many people today bank online, and use technology for payment and transfer of money through their smartphones. An estimated 33% of banking is going to be done on the internet. Here are some of the changes that are going to occur in the way we manage money.
Robo-Advisors and Artificial Intelligence
We can expect automation technology as well as robo-advisors offering financial advice to customers in the future. Though they are not going to replace human advisors , they will augment and enhance the functions of traditional wealth management advisors. This technology has been slow to adopt but it might change in the future with more people seeking financial advice through their smartphones or other devices
Integrated financial planning adopts a holistic approach to how each component is set into the context of your situation and will affect other areas of your finances.
There is a multitude of advisors and firms offering services at various aspects of your financial health. Many people will work with one firm but they need to go elsewhere to deal with things related to property related assets, housing, and other financial matters. Personal financial planning and integrated financial planning are inseparable as changes in one part of your finances will affect other parts too. Many firms are working towards an integrated approach where all aspects of a person's finance are managed through one firm.This will be of great benefit to the customer because all their financial needs will be catered to through one firm which will reduce cost and be more convenient.
Customers will have more access than ever before to the financial information they require to understand and plan their finances for the future. Financial advisors will begin to help customers more so that they can minimize their taxes, help achieve their goals and manage their revenue. In the future, there will be more access to financial information for customers which will be in the digital form.
In addition to efficiencies gained, digital is also just the cost of doing business in today’s wealth management sector. Clients look for a variety of touchpoints, 24/7 access and to self-service. Digital is the only way to meet those demands and can free up funds to reinvest.
Many traditional advisors are now aging and are going to be retiring. The younger generation or the millennial generation is not seeking the advice of these advisors as much as their older counterparts. There is more need for digital financial information to meet the needs of the millennial generation who are more likely to use digital information to access their financial services. The largest change in wealth management in the future is going to be addressing the needs of millennials and the upcoming generations who are going to be more tech-savvy than the generation before them. The next generation of wealth management advisors has to be more tech-savvy to meet the needs of future generations.
When it comes to wealth management in the future, technology is going to play a larger role in how we manage and access our money. Finances in the future are probably going to be more largely digital based than they are now as the new generation is simply using this technology to a greater extent and expect this sort of service from their financial organizations.
Social media, videos, online portals and the like not only improve client connectivity but also help advisors better determine a client’s changing needs. While nothing replaces a conversation, the client’s spending, saving and investing habits can be better interpreted by advisors using these digital tools allowing a better-tailored approach to suit individual needs