Zoom for improvement? How tech is shaping the 'new normal' in wealth management

With the social and economic impact of the coronavirus crisis being felt right around the world, our guest feature this week, by Lorna Glynn, Managing Director of Paragon Customer Communications, explores the effects on the wealth management industry and looks at how wealth managers are adapting digital adoption strategies to prepare for a ‘new normal’, post-pandemic.

Establishing and maintaining effective digital communication with clients has become a key concern for advisers. And while the lifting of lockdown restrictions has made physical meetings possible once again, digital comms look set to stay as wealth managers deal with a huge increase in client call volume prompted by ongoing market volatility and general economic uncertainty. Glynn says she expects AI-driven tech to play an increasingly important role as advisers shift from the traditional personal touch, to strategies that rely increasingly on more automated and remote practices.

Over half (54 per cent) of UK investors meanwhile, have lost faith in Boris Johnson's government over the handling of the Covid-19 crisis, according to new research from FJP Investments, which surveyed 900 UK-based investors with investments in excess of GBP10,000 excluding residential property and workplace pensions. And the crisis in confidence is at its worst in the capital where the figure jumps to 62 per cent.

“One of the key findings is that faith in Boris Johnson’s government is waning," says Jamie Johnson, CEO of FJP Investment. "While there is support for the financial support schemes and economic stimuli that have been introduced so far, investors feel that much more must be done if the UK’s post-pandemic recovery is to be successful."

Elsewhere this week, we return to the tech theme with news of how wealth management software provider IPBS is partnering with regtech specialist Liquidus to deliver digital onboarding for private banking and wealth management customers. And we also have news of a potential tie-up between PraxisIFM and Oak Group which would create a global financial services group with offices in 17 jurisdictions around the world and employing more than 700 staff.

“Increasingly our industry is catering to private and corporate clients with an international footprint and the joint  business will enable us to offer them the global services they need through a single, personalised relationship," says Stuart Platt-Ransom, chief executive officer  of Oak.  

Wealth Adviser 
 

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