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Six Tech Trends to Watch in Wealth Management as We Enter Q4 of 2019

As we start to reflect on 2019 through the lens of tech in the wealth management sector, has identified 6 trends that have developed throughout the year thus far.

1. More Choice = More Confusion.

Established vendors are refining and maturing their offerings. This trend, coupled with the phenomenon of new startups filling niches that are often underserved or overlooked, could potentially increase confusion and increase market inefficiencies. Selecting new technologies will not become any easier- analysis paralysis is alive and well!

2. APIs, Systems, and Technology Stacks.

Vendors are placing an emphasis on API's (Application Programming Interfaces) that can integrate systems. Firms can now pick and choose various vendors and applications that best suit their business needs. Amalgamating a series of systems that sings in concert is no longer an ideal but a reality.

3. Artificial Intelligence.

AI is having an impact on family offices by automating mundane and repetitive tasks for example, AI can normalize alternative investment data and process high volume/low dollar recurring bills. Gone are the days where employees have to enter data manually, which provides them with the time to engage in higher-level tasks such as analysis and client relations.

4. Data Recognized as the Lifeblood of Problem Solving.

As firms start to look at the strategic value of data, they are starting to figure out ways in which data can be decoupled for software solutions. These firms are putting more emphasis on the portability of data and vendors are responding accordingly.

5. Client Reporting Adding Value.

...And we have millennials to thank. Those growing up in the digital age are becoming more involved in family offices, as well as becoming significant wealth accumulators themselves. While this generation's parents used paper to read financial statements, we now interact with the financial world in a digital environment. We are now expecting same from our the family office.

6. Firms Driving Paper out of Operations.

Similar to the days of paper statements, the days of paper forms are also numbers. Secure electronic forms and e-signature options are eliminating paper in the client onboarding process. This will allow firms to get full ROI on their investment in CRM and workflow technologies.

Think we left anything out? Let us know by leaving a comment!

Source:, "Six Technology Trends That Will Impact the Family Wealth Industry in 2019."

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