Wealth management necessities: innovation and market intelligence

Wealth management necessities: innovation and market intelligence

Banking & Financial


Market intelligence is integral in reducing fear of the unknown in wealth management.

Rapidly changing technology means that wealth management professionals need to constantly reevaluate how they do business. Market intelligence keeps them appraised of what’s changing, and how they react.

As with any kind of tech, it’s the consumers who are keen to feel more in control of the finances through their smartphone and automation, that makes things cheaper and easier for them. Knowing what stock to invest in and when? There’s an app for that.

Startup challengers

It used to be that wealth managers advised clients based on their knowledge and experience.

That alone won’t cut it in a contemporary context. It’s imperative that wealth managers understand how and why the landscape is being disrupted - and how it can be embraced

Working with the bright minds behind FinTech startups - rather than against them - is the choice increasingly being adopted by the major financial institutions.

  • Goldman Sachs have invested in Eigen Technologies, who have automated reading and interpreting legal documents - relevant to any industry with legal documents

  • JP Morgan and Chase have a referral partnership with small business lender, OnDeck - they’re not the only major financial firm with such an arrangement

  • In Toronto, the Power Financial Corporation has invested substantial capital into the Wealthsimple robo-advisor

How do they decide?

A general top-level overview of tech isn’t enough to make the relevant, strategically-aligned decisions, and that’s where market intelligence is an integral investment.

The gap between financial services and tech massively overlaps, so they have to keep an eye on both to know what tech startups to invest in - either financially or collaboratively - and when?

Market intelligence for wealth management purposes should address specific things, for example:

  • What technological advances are our competitors making to serve their clients?

  • What startups are delivering functions that tie into what we do?

  • Can we put a monetary value on relevant startups in terms of acquisition or collaboration?

Talk to somebody who knows

These questions make for a great starting point, but talking it through with somebody will make sure they’re as relevant as possible, which is where market intelligence provided by humans is an integral asset.

Particularly if you’re new to the field, it helps to voice your strategies and ideas out loud with a person who can establish if market intelligence is what you think it is, and to make sure you’re looking for answers to the questions that you need answered for your strategy.

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wealth management


Barry has covered issues and trends in the global financial services industry for over 10 years. He tracks developments across many segments of the financial industry such as wealth management, retail banking, online brokerages and private banking to deliver comprehensive insights to clients to a wide range of clients. Barry is particularly focused on the disruptive effect of emerging technologies and fintech players on the financial industry such as blockchain, artificial intelligence, mobile payments and banking, analytics, digital transformation, and process automation.

Barry Charuk