Technology integration is proving to be one of the greatest challenges for wealth management firms, especially larger players that often find it difficult to deliver seamless investor experiences. As client expectations evolve, the demand for personalised and data-driven interactions has grown significantly, requiring firms to rethink their strategies and technology stack.
LSEG Data & Analytics recently sat down with Charles Smith, partner in wealth and asset management consulting at EY, as part of its Wealth Insiders Insights series. According to Smit, the winners in this new era will be those that combine digital innovation with human expertise.
The wealth management sector currently sits at a crossroads—confronting both structural challenges and major opportunities for transformation. Smith explained that while large firms face hurdles with legacy systems and sluggish integration, smaller providers are moving faster and gaining an edge. “Success comes down to delivering the right advice, at the right time, with the right insights,” he said. “
That means pulling together data, technology, and advisor capabilities into one seamless experience. Advisors need access to data, the right tools, and the ability to provide personalized advice—whether that’s online, mobile, or face-to-face.”
Firms that fail to modernise risk being overtaken by more agile competitors already providing these dynamic, real-time experiences. Integration is the key differentiator, linking every touchpoint in the advisor-client relationship and enabling consistency in service quality. Smith noted that with an ageing advisor population and talent attrition, scaling personalised service efficiently will depend heavily on smarter tools and platforms.
“The firms that will succeed are those that integrate holistic data—about the client, the market, and their holdings—with technology,” Smith said. He added that to sustain growth and maintain trusted relationships, firms need to provide advisors with data-driven insights instantly. Artificial intelligence is now playing a critical role, uncovering patterns and opportunities that humans might overlook. Integrated portals and intelligent analytics have become vital to delivering the kind of experience investors increasingly expect.
When it comes to personalisation, Smith believes digital channels are essential. “Digital channels are key—they allow firms to better understand clients, gather insights about preferences and goals, and tailor the experience accordingly,” he said. Investors now expect the same level of customisation they receive in other aspects of life, from entertainment to retail. Firms that fail to deliver relevant, real-time experiences risk losing client engagement and market share.
For more insights, read the full interview here.
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