5/2/22, 2:54 PM
Trends in Wealth Management | Sumit Selli | Wealth Management
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Trends in Wealth Management by Sumit Selli | Apr 28, 2022 | Sumit Selli, Wealth Management
Every industry has trends that come and go. This is true even in the financial sector, where new tools, technologies, and innovations can alter how we look at long-term investing. While it isn’t always possible to predict these trends, one can detect the ones most popular at any given time. Wealth management has always been a staple for financially savvy investors, and now it is becoming even more common. Listed below are some of the rising trends in wealth management. These trends are worth considering for those looking for a new perspective on long-term financial planning. Digitalisation of Wealth Management & Services As mentioned above, technology has a way of significantly impacting the financial industry. One such method is by offering digitalisation opportunities. In other words, by allowing https://sumitselli.com/trends-in-wealth-management/
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5/2/22, 2:54 PM
Trends in Wealth Management | Sumit Selli | Wealth Management
companies to digitise their records, operations, and more. This makes work easier for businesses while increasing accessibility for their customers. Currently, wealth managers are seeking ways to digitise their businesses. They want their customers to have full access to the traditional methods with modern conveniences. This is all while following data regulation and protection laws. Cyber Security Needs With the rising popularity of digitisation comes the need for higher levels of security. Managers know that financial institutions make for a tempting target and thus need to take every step possible to protect their funds and clients. Most larger institutions already have robust cyber security protocols, leaving those on the lower tier at higher risk of being targeted. This is forcing every level to invest further in security or risk losing. Wealth Transfer Wealth transfers between generations are nothing new, yet it is becoming more commonly discussed these days. Younger generations are set to inherit millions to billions of pounds, which means wealth managers are preparing for a younger viewpoint on the same tasks. Naturally, this is pushing several concerns, including the need to embrace technology. Digital Assets & Investment Many financial experts may still feel sceptical about cryptocurrencies and NFTs (nonfungible tokens). However, this does not mean they can ignore their presence. Crypto has become a booming section of the industry, with more people buying into it every day. The rising popularity of cryptocurrency will have a lasting impact on wealth management and other financial services. For example, those that invest in crypto are looking for ways to protect their investments – for the long term. In other words, wealth managers will have to adapt and create plans for digital assets.
This blog/website is only made available for educational purposes. It is designed to give visitors general information and a general understanding of select financial topics. It is not intended to provide specific financial or investment advice. Conduct your own due diligence or consult a licensed financial advisor/broker before making any and all financial/investment decisions.
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