A Decade That Reshaped Wealth Management:
Digitization and personalization of advice + The increasing costs of security and regulatory issues
Trends Intro Paragraph
Before drawing the curtain on the past decade, let’s look back on the past 10 years and reflect on the many momentous developments in the financial services and wealth management industry. Perhaps the most significant 10-year span the industry has seen, advancements were led by technological capabilities and competitive pricing reductions. With a new year and new decade off and running, we asked leaders at Schwab to offer their perspectives on the most significant changes in the past 10 years and their impacts on investors.
Trends 1: Neesha
Wealth Management Trend: Neesha Quote
"Digital transformation is about creating better digital experiences, enabled by new applications of technology, but that does not mean transforming how a company engages with clients. At the heart of meaningful digital transformation is a mindset within a company: how much the company thinks about its clients, how clearly company objectives are linked to client objectives, and how talent is aligned and empowered to deliver against those objectives."
Neesha Hathi, Managing Director, Head of Wealth & Advice Solutions, Charles Schwab & Co.
Trends 2: Peter
Wealth Management Trend: Peter Quote
"Scale matters and will only increasingly matter in our industry over time, particularly as costs related to cybersecurity and regulatory oversight challenge the efficiency of smaller firms."
Peter Crawford, Chief Financial Officer, Charles Schwab & Co.
• Part 2 of a series: Downward pressure on advisor fee + The rise of subscription pricing for financial advice
• Part 3 of a series: Consumer expectations around fee transparency + The rise of automation in 401k plans
Part 1 of a series