The proliferation of fintech could reinvent the traditional wealth management model and revolutionise the way it is provided to consumers in Asia. Stewart Aldcroft, Chairman, CitiTrust; Charles Wong, Co-Founder and CEO, Privé Financial; and Michael Haupt, Chief Operating Officer, Vontobel Wealth Management; offered their perspectives on whether fintech is friend or foe when it comes to providing advice and what they think the future holds for client engagement in Asia.
The panel moderator, Anthony Serhan, Morningstar’s managing director of research strategy for Asia Pacific wrapped up the discussion in the following video.
Anthony Serhan: I’m Anthony Serhan from Morningstar. We just chaired the practitioners’ panel looking at technology and its impact on the wealth management market in Asia. A really good panel, lots of interesting observation. In particular, technology is going to be an enabler to serve more and more of the Asian market …… these hundreds of... millions of people now… maybe 500 thousands to 10 million dollars worth market that we can serve, and try to do better job at, and technologies is gonna be critical in making that happen.
I think the speed which regulation is moving is something that needs to be addressed. In particular, when you think about technology, the ability to serve people in multiple markets, without some consistent regulation, is one of the barriers, but the market is clearly dealing with it.
And if you laid regulation one side, there is still many aspects of the way you serve a client fairly similar. Within those similarity, creates opportunities, creates the opportunities to not only produce a better engine, but also to produce a better interface capable of serving more clients.
So, on the whole, very positive outlook from these group, but clearly a lot of work to be done. And watch this space – because as they say, it’s really the big brands, the established place with distribution, that can really leverage technology being produced, not only internally, but also from people outside their companies to make a difference in this market.
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