Trends that are Reshaping the Delivery of Advice: Digital Innovation

Aug 9, 2022 | Advisory Solutions, Digital, Wealth management trends

The use of technology is everywhere in the wealth management industry—and this brings us to our final topic in our three-part blog series on wealth-management trends. Today we’ll focus on digital innovation, whereas our first and second topics were on fee compression and regulatory burden.  If your firm is interested in stepping up its technology capabilities, please contact Univeris today.

Digital innovation

As the world grows more digitally dependent and connected, clients want to engage with their advisors in ways fit for the times. And in the digital domain, advisors want a fully integrated view of their clients and a strategy to help support their value proposition. That means a fully integrated, wealth management platform that allows advisors to scale, build trust, and access data. Clients on this platform can select the level of advice they need using products that sync with their fees, all while connecting to a digital experience they can control.

Digital technology has had a clear tailwind in financial services. Its integration has spurred many efficiencies, from near-instant communications to digitizing several front-office, mid-office, and back-office functions. Whether managed on-premise or in the cloud, a robust digital strategy is critical to scaling many workflows that then lets advisors reclaim time to spend on developing relationships and achieving better business results. In reality, many investors have already switched to and are comfortable using digital channels, partly out of necessity to remain in contact with their advisor during the pandemic and out of convenience to visit their money anytime and from anywhere. In addition, the landscape for advisor technology is ripe for more change ahead as IIROC and the MFDA consolidate into a single SRO by the end of 2022, opening up room for further automation and innovation. Advisors who can offer a seamless wealth-management experience on a tech-centric platform are in a good position to grow and scale their business and help their clients throughout their wealth-management journeys.

Firms that do not have the budget to develop in-house platform architecture or want more innovative ways to navigate digitally should consider partnering with a fintech provider to strengthen their digital client experience. Univeris has been at the forefront of the advice industry’s digital transformation and has helped firms of all sizes use technology to enrich their advisor-client interactions. The applications that go into our cutting-edge managed-money platform are continually updated so that advisors benefit from the latest digital capabilities and a superior client experience.

We hope you found our three-part blog series on wealth-management trends helpful. The impacts of fees, regulation, and digital innovation are more evident than ever in the Canadian wealth management industry as it prepares for potential future regulatory changes. Whether these pressures lead to further disruption or help to shape a new permanent framework are open questions. Fortunately, Univeris has been planning around these trends and looks forward to providing firms and advisors with technology solutions that help make them more relevant to clients and grow their AUM. For more information about what we do, please get in touch with us.