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Written by Sergey\u00a0Babayan – Senior Business Consultant at Prospectacy LTD<\/span><\/p>\n<\/h1>\n Technology has long had a role in the business of wealth management; however, historically its role was to\u00a0support the internal needs of wealth managers in areas such as portfolio management and accounting.<\/p>\n Since 2010, we have witnessed a significant revolution in the application, flexibility and deployment of technology\u00a0in the wealth management sector. Today, there are more solutions than ever before, all of which are powered by\u00a0big data analytics.<\/p>\n From Artificial Intelligence to robo advisors, there are many changes taking place which are affecting different\u00a0areas of the wealth management industry, including regulation, privacy and transparency. And while robo\u00a0advisors are in no way going to take over the industry, they are changing the way we interact with it.<\/p>\n Here are four ways in which technology is influencing the wealth management industry:<\/p>\n Technology has enabled wealth managers to interact with new generations and manage their expectations like\u00a0never before. From around-the-clock availability to effortless interactions, wealth managers are using AI\u00a0chatbots to simulate customer interactions and improve communication with their customers.<\/p>\n<\/li>\n Wealth managers are using robo advisors and AI to view and constantly assess their clients\u2019 portfolios in more\u00a0dynamic and accurate ways. These advanced systems can quickly predict financial outcomes by looking at past\u00a0and current trends in wealth, as well as outside factors such as the news, social media and product reception.<\/p>\n<\/li>\n The Evolution of Wealth Management\u00a0Technology is freeing wealth managers from repetitive and complex tasks, while enabling them to provide\u00a0specific insights based on the individual needs of the customer. To stay competitive, wealth managers must\u00a0embrace this new era of modern technology in order to become more proactive, stay ahead of the curve and\u00a0offer solutions that meet clients\u2019 precise goals.<\/li>\n<\/ol>\n Prospectacy Limited offers both personal and corporate wealth management services.\u00a0With absolute dedication to our clients\u2019 objectives, we embrace the technological\u00a0advancements in the sector, being able to deliver the best possible solutions.<\/em><\/p>\n<\/div>\n Written by Sergey\u00a0Babayan – Senior Business Consultant at Prospectacy LTD Technology has long had a role in the business of wealth management; however, historically its role was to\u00a0support the internal needs of wealth managers in areas such as portfolio management and accounting. Since 2010, we have witnessed a significant revolution in the application, flexibility and […]<\/p>\n","protected":false},"author":5,"featured_media":3212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/posts\/1633"}],"collection":[{"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/comments?post=1633"}],"version-history":[{"count":0,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/posts\/1633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/media\/3212"}],"wp:attachment":[{"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/media?parent=1633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/categories?post=1633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prospectacy.com\/wp-json\/wp\/v2\/tags?post=1633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n\n
A study by the Shullman Research Centre found that 23% of the world\u2019s millionaires are millennials, while over\u00a050% of all wealth will be held by generation X and millennials by 2020. These groups, who are renowned for\u00a0moving their wealth around a great deal, will also be on the receiving end of the $30 trillion transfer of wealth\u00a0from the baby boomers.\n
One of the greatest benefits of AI is its ability to sift through big volumes of data. What would typically take a\u00a0wealth manager weeks or even months to do can now be achieved in a matter of days \u2013 or even hours.\n
Modern clients expect wealth management services to be tailor-made to their lives. Using the data gathered,\u00a0along with information on the client, AI systems can determine where customers\u2019 money can be spread, or which\u00a0products they should invest in. This expedites the wealth manager\u2019s role, enabling them to refine the information\u00a0and create customized product offerings on a client-by-client basis.\n<\/li>\n
Sifting through large volumes of data is always subject to human error. With AI, wealth managers can look at\u00a0specific data and monitor every aspect of their workflow. These systems provide information to managers and\u00a0assist them in rectifying errors and facilitating operations.\n
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