Looking at each of these developments together, it is clear there is a need for the wealth management industry, with an eye on 2017, to future-proof business against the potentially distracting – and even debilitating – effect of the increasing regulatory burden and governance controls. And, perhaps even more importantly, future-proofing against global trends in all areas of our lives by enhancing client service.
While some in the industry are putting this into action, it is concerning that there are far more firms out there that have yet to take the crucial step of upgrading their technology.
Further challenges are on the horizon this year, including the growing need for robust cyber security and, more broadly, the pace of technological change.
All the more reason, then, for wealth managers to maintain their focus on improving technology over the next 12 months.
Andrew Foster is executive general manager, private wealth, at Iress