Wealth and Asset Management 4.0 study – what have we learned?


Recordsure and TCC joined ThoughtLab, FinTech B2B Marketing, and wealth management experts from across the globe for an in-depth discussion on how wealth and asset management firms will need to rethink their products, services, and business models to meet the shifting needs of investors.

Industry experts examined critical findings from a worldwide study of 2,325 investors and 500 wealth management firms which was released on 4th November 2021.

The global study, Wealth and asset management 4.0, conducted far-reaching research into how digital social and regulatory shifts are transforming the industry, and how the pandemic has changed the wealth sector.

The pandemic has been marked as the watershed event for the wealth industry, accelerating shifts that are already in motion across generations and wealth levels. The study explores how a broad range of wealth and asset management providers are adapting to the profound investor changes hastened by the pandemic.

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Technology empowers personalised customer journeys

The dramatic shifts in investors’ behaviours are not surprising, with noted changing attitudes over the past three years. Covid, climate change and advancements in digital have been key in driving fundamental changes in behaviours. Transparency around fees and switching providers shows that investors were unhappy with the services they had before.

The industry is seeing a real need to change how the investor community serves customers. Investors want to be offered products and services they need and in a way that’s most convenient to them.

Customisation and personalisation of wealth management products and services are very important to investors. Organisations are forced to pay attention and realise the customer journey should not be the same for everybody.

Joanne Smith -Recordsure Founder and Executive Chair

Advances in digital technologies provide firms with tools to support customer-driven strategies and better customer experience. Digital strategies offer better targeting and optionality, moving away from the one fits all approach to unique personalised journeys.

Joanne Smith, the Founder and Executive Chair at Recordsure and TCC, emphasises the importance of digitalisation for wealth and asset management firms.

Putting digital products and technology at the heart of everything organisations do is the key. Digitalisation allows firms to serve the customer in a more tech-savvy way and enhance customer journeys and experiences. If organisations can grasp that, they will dominate in this market.

Ethics and social responsibility for competitive advantage

Investors are increasingly expecting wealth and asset management firms to be more ethical and responsible. Investors rate business practices, leadership vision and integrity in their top criteria and want their providers to have healthy, purposeful cultures.

The desire to see progress on environmental, social, and governance issues is not surprising; interest in ESG investing and ESG goals spans generations and demographics. Future-oriented firms have already recognised the advantages of operating as socially responsible organisations. This changing environment brings challenges but also new opportunities, providing firms with the chance to positively impact the world, drive change, and make a real difference for the future.

Fundamental shifts for the industry

  • The growing digital and social imperative across investor segments, and a greater call for product and service democratisation, higher standards, and more transparent pricing.
  • The convergence of needs and behaviours among investors, including those that are affluent or very rich, the young and the old, and women and men.
  • The move away from consolidating investments and the increased willingness of investors to switch providers to get what they want or follow their advisors.
  • The criteria that matters most now to investors when evaluating or selecting wealth management providers.
  • The steps that wealth management firms plan to take to differentiate themselves and find new growth opportunities in a fiercely competitive marketplace.
  • The ROI on digital innovation has helped firms boost productivity by 14%, AUM by 8.1%, revenue by 7.7%, market share by 7.3%, and shareholder value by 5.8%.

Moderated by:
April Rudin, FinTech B2B Marketing Advisory Board Member & CEO, The Rudin Group

Panellists included:
Joanne Smith, Founder and Executive Chair, TCC Group & Recordsure
Charles Smith, Global Head of Digital Solutions, Refinitiv
Vinod Raman, VP, Head of Investment & Wealth, Stash
Lou Celi, CEO of ThoughtLab, and Director of Wealth and Asset Management 4.0

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