Ed McCarthy is an author and freelance finance writer who covers private wealth topics for CFA Institute Magazine. He has written for many of the financial service industry’s leading publications, including Bloomberg Wealth Manager, Institutional Investor online, Financial Planning, Journal of Accountancy, and the Journal of Financial Planning.
Artificial intelligence (AI) is making inroads into private wealth management in both investment management and practice management. It’s an exciting time for AI, but will it cause more disruption or innovation for wealth managers?
Post-financial crisis, the volume of outstanding bonds has grown. At the same time, however, consolidation among banks and broker/dealers has cut the number of market makers, and new regulations have reduced the capital these companies can commit to fixed-income inventories.
Identifying a client’s emotional profile and understanding how those emotions influence financial decisions can help advisers keep the client on course through difficult times.
Adopting some aspects of the robo-advisers’ technology may improve workflow for traditional wealth managers and improve client retention. From micro-IPOs to new applications for big data, evolving technology has the potential to transform wealth management.
A changing client base driven by demographic shifts will pose challenges for managers, who tend to have different characteristics from the clients they serve. Managers must also deal with an acute talent shortage and difficulty attracting new talent.
From faith-based investing to social activism, some wealth managers serve clients with a different kind of mission statement.
Most wealth managers’ organizational charts have very little padding. Consequently, it’s important to make good hiring decisions the first time around and to avoid the hire-fire-hire cycle, but some firms lack a methodical approach to hiring.
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