The face of wealth management is changing, as a number of new firms look to keep up with consumer demand for convenient and functional client portals. In fact, eight in 10 advisors use the technology for communication and three in 10 believe it has the ability to disrupt the industry, according to the 2019 Financial Planning tech survey.
For many in the industry, disruption can’t come soon enough.
“It is a bit of a do-or-die imperative right now,” says Eugene Elias, COO of Atria Wealth Solutions, speaking about the adoption of the tech for online and mobile apps. “If firms are not investing significant capital into infrastructure, software, data, visual design, automation, they will not be able to succeed in the near term.”