The wealth management industry in the United States is facing a number of significant trends and challenges, as a confluence of forces converge on the industry. During this webinar, we'll have a panel discussion on the below topics and trends that we plan to see in Wealth Management and Technology during 2023:
> The increasing use of technology and automation, including the use of prospecting tools such as Introhive, but also robo advisors like those offered by Betterment and Wealthfront.
> The Growth of Impacting Investment (also known as ESG) - many investors are seeking out investments that not only provide financial returns, but also have a positive impact on society and the environment.
> Regulation - the wealth management industry is also facing increasing regulatory scrutiny and requirements, particularly in the wake of the 2008 financial crisis. This includes the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the establishment of the Consumer Financial Protection Bureau (CFPB), which aims to protect consumers from financial fraud and abuse.
> Finally, the wealth management industry is experiencing significant market volatility, particularly in the wake of the COVID-19 pandemic. This has led to a focus on risk management and the use of diversification and other strategies to mitigate the impact of market fluctuations on investment portfolios.
Move Fast. Break Nothing. OpenFin is The Operating System of Enterprise Productivity, enabling app distribution, workspace management and workflow automation. Within finance, the number of firms utilizing OpenFin technology has grown from 2,400 to 3,800 since the launch of Workspace in May 2021. Today, OpenFin is used by 90% of global financial institutions, including banks, buy-side and sell-side firms, and the global vendor community. OpenFin investors include Bain Capital Ventures, Barclays, CME Ventures, DRW Venture Capital, HSBC, ING Ventures, J.P. Morgan, NYCA Partners, Pivot Investment Partners, Standard Chartered, and Wells Fargo Strategic Capital among others. The company is based in New York with an office in London and a presence in Hong Kong and Singapore.
Drivers Affecting the Industry: regulation, competition, technology, digitization, indexation (passive investing), new asset classes (eg crypto), market volatility, ESG and impact investing
Technologies Driving Innovation in the Industry: AI and ML, robo advisory, desktop technology, and cloud computing
How Incumbent Firms Responding to the Changing Environment: digitization and transformation, focus on financial advisor workflow and productivity
Principal Challenges and Strategies to Implement New Technologies in a Large Wealth Management Firm: overcoming legacy, integrating new technology with old, integrating across CRM, Wealth Management, Portfolio Management, Privacy Rules, Adhering to Existing and New Regulations, and Use of Mobile Technology