Various forces are converging to disrupt global wealth management. From big data and AI to the blockchain, professionals in the industry find it increasingly difficult to keep up.
More importantly, they must also deal with changing consumer needs.
The modern wealth management client is a savvy, well-informed individual. They demand superb services and push to align their wealth building with values, such as protecting the environment.
Consequently, while the global wealth manager of yesteryears could get by with minimal research, emerging wealth managers must match and surpass their clients in providing the most up to date financial advice. They must also perform their fiduciary duties while complying with increasingly complex regulatory environments.
Take trusts, for example. Each jurisdiction has its own set of rules governing the industry. Additionally, a client may have business interests in multiple jurisdictions, necessitating complex legal and financial instruments to manage the assets effectively.
We’ll explore the changing global wealth management environment and offer resource options for industry professionals to keep abreast and maintain an edge.
What’s disrupting the wealth management industry?
The wealth management industry is changing fast. Part of the change is generational – a younger generation of investors with different expectations shaped by the last financial crisis. The other portion is mainly technological, with more wealth management firms adopting big data, AI, and other fintech.
However, these are not the only disruptors. According to a report by Deloitte, the disruption comes from ten significant sources, including:
- The rise of robo-advisors
- The need for holistic advice on often conflicting financial goals
- Retail investors demanding more products usually reserved for high net worth individuals
- Changing demographics including inter-generational wealth transfer and retiring financial advisors
- More regulation and compliance requirements that push operational costs higher
Regardless of the seismic changes in the global wealth management industry, you can still position yourself to ride the wave. Here are some of the best online resources to help you maintain a professional edge.
Wealth Briefing
Wealth Briefing is the go-to site for news and information on wealth management and the private banking industry. It features in-depth research and authoritative profiles on the movers and shakers.
Unlike most other sites, Wealth Briefing covers the entire world, including topics such as art wealth management, anti-money laundering, compliance, family offices, Islamic finance, among a host of other wealth topics.
Additionally, Wealth Briefing runs the annual MENA Region Awards that recognize outstanding companies in the wealth management sector. For instance, in 2019, Asiaciti Trust, an international trust and corporate services provider, clinched the title of “Best Independent Trust or Fiduciary Company,” a title it has held for the last five years.
The site also hosts several other annual events, summits, and breakfast briefings covering global wealth management changes.
Investopedia
Think of Investopedia as the Wikipedia of finance. It’s the world’s foremost source of financial content on the web. For instance, they feature one of the most comprehensive dictionaries on financial terms on the internet. They also have a self-paced investing academy for newbies and professionals alike. Investopedia also has a cutting-edge stock trading simulator to test your strategies.
Perhaps of note to global wealth managers is the extensive coverage on markets, encompassing company news, trends, political news, etc.
While the site is focused primarily on the retail investor, seasoned industry professionals can still glean gems of wisdom from the extensive content base.
Bloomberg
Bloomberg is the holy grail of financial news for industry professionals. The Bloomberg terminal, the company’s main product, is one of the most trusted to make sense of data and generate real-time market and financial information.
However, Bloomberg extends beyond the terminal. It offers finance professionals and wealth managers a treasure trove of information on key global markets in Asia, Europe, the U.S., etc.
Bloomberg provides round-the-clock financial news with its TV channel, including analyst coverage, real-time and historical price data, trading news, among others.
Global Compliance News
While most other resources focus on financial markets, Global Compliance News focuses exclusively on compliance news.
As regulatory environments become increasingly complex and disrupt the global wealth management industry, the site offers professionals an easy way to keep tabs on changing regulations across the world.
The site offers comprehensive compliance news, covering the entire globe around topics such as:
- Cybersecurity and data laws
- Changing tax codes
- Sustainability news and in-depth reports
- Compliance changes brought on by the COVID-19 pandemic.
- Crypto Assets regulations
Along with compliance news, Baker McKenzie, the global law firm behind the site, offers the Compliance Cockpit. The service allows companies to visualize their compliance status through a combination of legal and big data analytics.
WealthManagement.Com
WealthManagement.com is another trusted resource that provides in-depth independent editorial insight, global wealth management information to financial advisors and wealth managers.
Along with market news, the site also offers insights into wealth management best practices, wealth planning strategies, investment research, such as insights on ESG investing and ETFs.
Perhaps what sets WealthManagement apart is its financial advisor podcast highlighting wealth management professionals, including their journeys, struggles, and lessons.
Additionally, it covers trusts and estates and publishes a monthly wealth management magazine that tackles news, research, and trending topics for financial advisors and wealth managers.
Select social media accounts
While websites and platforms form the bulk of wealth management resources, social media provides the latest updates from seasoned professionals.
In a way, learning from fellow professionals in the industry helps you gauge your competitiveness and glean valuable insights from thought leaders and practitioners.
As the wealth management industry changes, these are the top influencers to keep an eye on. Each has their specialty and outlook, but generally, they offer valuable insights on where the industry is headed and how you can position yourself.
In Europe, Pembroke is one of the leading financial providers for effectively managing people’s wealth and assets.
The future of global wealth management rests with a new breed of managers. They are accelerating the adoption of technologies such as big data and AI and connecting better with the emerging wealthy. With the resources above, you can make significant strides in updating your skillset and maintaining your competitive edge.
