KnowLedger, a fast-growing accounting technology company, has published a new white paper that examines the challenges and opportunities for family offices and other wealth management firms in today’s volatile economy. This special, 20-page report examines how recent events and market trends—as well as demographic, social, and technology shifts—are creating new challenges and growth opportunities for family offices and other wealth management firms serving ultra-high-net-worth (UHNW) clients. Additionally, the report discusses how wealth management companies can leverage these market forces and reposition themselves for a greater competitive advantage.
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Historically, family offices and wealth management firms, especially those catering to UHNW clients, have not been on the forefront of technology. According to experts, newly emerging disruptive threats, as well as major shifts in demographics and consumer expectations, have begun to spur change on this front. Furthermore, the coronavirus pandemic has also acted as a catalyst for change, underscoring the seriousness of these threats.
“Family offices and other wealth management firms are facing threats on several fronts,” said Ryan Kerry, CEO of KnowLedger. “Major demographic shifts and rapidly changing customer expectations, coupled with serious competitive threats, are pushing these firms to level-up legacy systems and processes to provide a more seamless customer experience.”
Meticulously sourced from a wide array of leading industry experts, consultants, and publications, including Barron’s, BCG, Capgemini, EY, Fidelity, UBS, and many others, this white paper explains these developing market forces and how firms can respond. From the rise of millennials to the potential uses of AI and ML for automation, this analysis discusses the vast potential for growth.
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