Wealth management is a business model built on personal relationships and trust, so firms seemed impervious to the early disruptors. However, as clients increasingly embrace the digital world and embed it into their daily lives through social media, shopping, travel and e-commerce, expectations for a digital relationship with wealth management firms are evolving.

Clients are starting to question the current client engagement model in wealth management, asking for greater flexibility and convenience. In short, they are looking for the same client experience they enjoy elsewhere. FinTech disruptors have taken notice and are making in-roads in the industry, capturing the attention of the wealth management incumbents. Firms also are being challenged internally to look for ways to increase productivity in a changing workforce in the midst of shrinking profits. Digital transformation offers the promise of solving both issues.

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