Crowder Securities Limited - The Impact of Fintech on Wealth Management

There has been a lot of discussion about how fintech is affecting wealth management and how the adviser sector is changing.
WAN CHAI, Hong Kong - Sept. 20, 2023 - PRLog -- All of the talk about evolution got me thinking about Charles Darwin, the famed scientist who taught us that it is not the strongest or the cleverest creatures who survive, but the ones that are most adaptable to change.

The strong and crafty may prevail in the short term, but Darwin's teachings imply that those who are unable to adapt may wind up on the endangered species list. In this post, I examine the influence of financial technology on wealth management and what financial advisors should do to assure their continued success in a constantly changing sector.

Fintech Wealth Management on the Rise

For years, the industry has predicted the demise of the financial adviser model, dating back to the 1970s, when commissions were no longer controlled, resulting in the growth of the discount broker. The '80s and '90s saw the introduction of no-load mutual funds, and the Internet provided us internet trading. And now, in the 2000s, we have the rise of the robo-advisor, or computer-assisted investing platform, providing cynics with even more ammo to forecast that advisers will follow in the footsteps of the travel agent or taxi driver.

I am much more optimistic about the future of the financial advising profession. Despite all of the financial services and technological advancements that have the ability to put human advisers to the test, their function and value in assisting investors in navigating complexity and achieving their objectives has only grown in demand. Advisors have often shown their ability to adjust to structural changes. In reality, advisers have been able to adapt to these developments by developing new models that capitalize on commission and technological disruption.

While some surveys predict that the number of financial advisers will remain unchanged or rise marginally over the next five years, growth in assets handled by advisors demonstrates that the business is thriving. According to Charles Schwab's Registered Investment Advisor (RIA) Benchmarking Study, assets under management have continuously expanded, with a five-year compound annual growth rate (CAGR) of 14.5% from 2015 to 2020.

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