Attended by more than 100 guests, our recent webinar on “How Technology Is Shaping The Future of Wealth Management” addressed current trends of wealth management, technology, and above all answering the big question: What’s the future like for wealth managers?

https://youtu.be/khpb7jpEV54Moderated by Qiuyan Tian, Partner, Privé Technologies, she was joined by a panel of experts:

• Julian Schillinger, Co-Founder, Privé Technologies
• Patrick Otto, Head Advisory Platform, Product Management, Bank of Singapore
• Wei Yiyang, Advisors Alliance Group, AIAFA

For those who missed out, here are some highlights and key takeaways from our very first online webinar “How Technology Is Shaping The Future of Wealth Management”.Shift From Traditional To Holistic AdvisoryAs technology advances and customers evolve, there is a new phenomenon in banking that focuses on holistic advisory to truly bring added value to clients - and ultimately to the banks.“There is a big shift in selling products into more holistic advice. We notice that banks now really try to cater solutions to what makes the most sense to the clients,” said Julian.Additionally, Patrick highlighted another point that sometimes “what clients want, isn’t necessarily what clients need. It can only be one part of the puzzle.” It’s time for Relation Managers to redefine their role, and find out the best way to organise themselves and address their clients’ needs.Being one of the end users of leveraging technology to manage clients, Yiyang said: “Clients appreciate us when we can create a bespoke solution for their specific scenario - a personalisation of each and every client’s portfolio.”“At the end of the day, what they’re trying to achieve is a better understanding of their very specific and personal wealth journey,” he added.Next Big Thing: Protection and Transfer of DataAs we look forward to the years to come, data privacy is a key concern for clients. As Yiyang shared, there’s “a huge clientele who are new in their wealth journey, and they’re brought up in a world where they’re comfortable in freely sharing their data.”“However, as they become more sophisticated in their investments and wealth journey, data privacy concerns arise as to where their data goes,” he adds.Similarly, Julian shared that “the next decade of fintech would be about data protection and transfer of data” where clients might want to shift their accounts from one bank to the other as simple as it is to transport mobile numbers between telecom providers.Rounding up that topic with some food for thought, Patrick pushed us to think further down the road: “Once banking as a platform becomes a reality due to new business models, the question is: Who owns this platform?” - and along with that, the data.