The chapter explores the challenges and shifts in the wealth management industry due to generational wealth transfer, with a focus on meeting the expectations of millennials and Gen Z. It emphasizes the need for a balance between self-service and human advice and the utilization of data and AI technologies for decision-making insights. The narrative underscores the importance of adapting to evolving customer expectations, leveraging technology, and maintaining data quality and platform stability for effective integration.
Opportunity awaits the wealth management industry, as global wealth rises and the baby boomer generation begins to transfer assets. Omar says wealth managers must keep up with growing demands for efficiency and personalization. But this large-scale digital transformation is not a destination - it’s a continuous journey and in this episode we are going to explore this topic in more detail.