How Wealth Management Is Going Digital

Digital wealth management: The much needed evolution of wealth management, bringing financial advisory services into the next generation. It is creating a rift in the industry, as the new technology brings an increased level of access between clients and wealth managers and the old school players are not moving quickly enough to adopt it. (In fact, according to a PwC report, 75% of wealth managers only know how to connect via e-mail.) This is creating an opportunity for newer startups and businesses to position themselves as the new wave of wealth management, complete with the improvements that FinTech brings with it.

Look at Tridus: It is using the technology to create a fully mobile office and is passing the savings onto its clients by offering lower wealth management fees. The mobile office is a fantastic draw for today’s busy businessman, as it means meetings can be set up during lunch breaks (through Skype, etc.) and don’t require them to leave the office. Founded by Matthew Unger and Harry Royden McLaughlin, both of whom have extensive experience in financial advising and wealth management, the startup is set to revolutionize how clients interact with their advisors.

Then there is iBillionaire, an app designed to help people invest the way that the affluent do. Users choose the billionaires they will to emulate and model their portfolios based on what these power players are doing. Strategies are clearly laid out, giving users the information they need before choosing their portfolios. For those investors who dream of one day making it big, this is a great way to move with the power players before actually reaching their income level.

At the other end of the scale, Trizic is offering its services to help wealth management move to the digital sphere. This startup has created wealth management software designed to make the online process easy for clients and has made this software available to wealth management firms and advisors. Their platform creates portfolios for investors from a simple (and quick) three-step process, gives them insight into how their investments are doing and allows them to easily move money in and out of accounts.

As the baby boomers age and millennials become the power players in the marketplace, the need for wealth management to include modern technology is going to grow. As the older wealth management firms lag in the adoption of new technology, startups are moving in and offering investors fantastic opportunities through digital wealth portfolio management and robo-advisors. Know this and use it to your advantage to conquer the wealth management market.