What are your views on the challenges faced by the wealth management industry?
The wealth management industry is undergoing a profound digital transformation. Robo advisors, such as Betterment, Personal Capital and Wealth-front, are attempting to disrupt the traditional wealth management firms with lower costs and innovative technology.
In the mean time, the reliance on trusted advisors will remain strong for high earners, however Wealth Management players need to equip their advisors with intelligent digital tools. If they want to stay ahead in the race, established players will have to move quickly to implement their own digital innovations.
In conclusion, the digital wave is not a threat but a real opportunity for wealth managers who could generate strong growth plans, using AI, Behavioural Finance and Enhanced Client Experience.
What will be the landscape of this industry in 5 years?
The relationship between clients and their advisor will become more focused on the clients’ interests and projects. Clients will be able to handle the basic interactions on a platform, and contact his advisor to get real value added advice on his wealth.
Dynamic goals-based financial planning and investment will become the central critical capability for advisors. They will need to integrate households, life events, assets, liabilities, taxes and cash-flows in their holistic advice.
This will allow the advisor to provide a real adapted solution to their clients, enhancing the trust between them and their clients.
Why did you decide to start a new adventure with OneWealthPlace?
We have been successful and we have built a strong worldwide track record with BISAM. Following the sale of my company, I had multiple interesting talks with players from the Wealth and Asset Management industry, highlighting issues in retaining their client base and expanding their business.
I decided to start a new human adventure built on tackling these issues.
OneWealthPlace is aiming to combine talented and experienced team, proposing new wealth and management asset management models and using very innovative technologies such as Machine Learning, AI, Digital and Block-chain.
Our team is built on multiple expertises in the wealth management, asset management, financial markets and software. We all share a strong DNA in digital transformation, innovative technology and disruption, as well a deep commitment in providing our clients with the best solution technology can provide.
We also gathered multiple senior former CEOs on our advisory board, and are supported by several business angels to help us deliver.