3 Big Wealth Management Trends to Watch Out For



It’s no secret to wealth managers that the marketplace has been undergoing some serious shifts over the past couple of years. With millennials becoming a large part of the market, demands and expectations are starting to turn toward an increasingly digital future. Moving forward means rethinking operating models, redefining the client-advisor relationship, and providing more intuitive service. With this in mind, here are 3 wealth management trends we see shaping the future of financial advisory.

1. Holistic and personalized approach

With consumers demanding a more holistic and personalized approach to almost every aspect of their lives, advisors need to be thinking beyond just a ‘financial assets and liabilities’ mentality. This means exploring opportunities to learn more about their clients than what their favorite stock is, but rather what their aspirations and goals are. An advisor’s operating model will, almost, transform into that of a life coach’s by diving into aspects of the client’s life such as personal health, leisure, estate planning, and long-term care.

2. Data as a differentiator

With the emergence of AI and the big data boom, it comes as no surprise that leveraging the power of data has made its way into the wealth management space. While big data can get overwhelming, the information and insights that it gives firms has the ability to yield smaller churn numbers and minimize default risk. Once a firm is able to turn this big data into bite-sized information that is relevant to each individual client, they’ll be able to personalize their services to the likes and dislikes of the client, thereby increasing client satisfaction and enhancing their client-advisor relationships.

3. The hybrid model

One of the biggest myths surrounding the adoption of digital technology in the wealth management space is that it is going to ‘eliminate’ the need for financial advisors. This couldn’t be further from the truth, as consumers aren’t looking to replace the human component with the digital aspect, but rather marry the two to create a hybrid model. Consumers value the transparency and convenience that digital technology can give them, as well as the knowledge and service that the advisors themselves can bring to the table.

Getting ahead of the latest trends in the wealth management space means leveraging new technologies. With Benjamin, the latest in financial planning tools, you can begin to use each of these trends to create an optimal digital experience for both you and your clients. Ready to see what Benjamin can do for your business? Reach out to us here and we’ll get you started with a free trial.


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