Wealth managers face a “fight for survival” as two-thirds of chief executives at investment and private banks back an increasingly digital approach to financial management, according to a report by Tenemos.
A survey by the financial software firm of 60 chief executives at investment and private banks as well as 35 high-net worth investors, found significant support for more technology-heavy wealth management.
The report attributed the findings to a transfer of wealth from baby-boomers to younger generations.
Schroders, Credit Suisee, Julius Baer were among the financial giants which contributed views to the study.
Peter Thuering, chief operating officer a Schroders, said: “I’m a strong believer in automation - making your processes more scalable so you can grow and take part in the consolidation process in the industry.”
Peter Matthew, managing director of Cornwall-based Jacksons Wealth Management, said: “The vanguard of the baby-boomers are approaching their 70s now so their children will be in their 30s and 40s and they were in the leading edge in terms of technology.
“I think the demand for technology is only going to increase but there will always be a case for face-to-face advice, though even that will change – I had a Skype meeting with a client this morning.”