Anyone working in technology in the Boston area understands the importance of the wealth management industry. As innovations and advancements in FinTech continue to disrupt this sector, copious opportunities for tech professionals and organizations abound.
They offer a chance to make a positive impact on a quickly changing business landscape. What follows are a few insights and predictions on the wealth management sector over the next few years. Social media, new customers, and machine learning all play a significant role. Use the information to either make a change in your IT career or a strategic shift in your tech company’s business planning.
Virtual Financial Advisers Powered by AI
According to a study by BI Intelligence, by next year AI-powered virtual financial managers are predicted to manage over $1 trillion in assets. Yes, that says “trillion.” Needless to say, financial companies need employees and partners with experience in AI and machine learning. Now is the right time to learn these skills.
Wealth Management Companies are Taking a More Integrated Approach
Some forward-thinking asset management companies are branching out into other areas of financial services. This allows them to help clients with both financial assets as well as real estate holdings. The main benefit to the customer involves lower investment costs and a smaller tax burden. Tech companies serving this market should pay attention to this trend.
Financial Services Companies Serve a More Knowledgeable Customer
Clients of financial management firms expect a wealth of easily-accessible information at their fingertips. Therefore, companies in this space need to focus on improving their mobile and web-based offerings. At the same time, cybersecurity considerations demand a secure experience. This means wealth management firms have an acute need for information security professionals.
At the same time, these companies are beginning to focus on providing a superior customer service experience. It includes traditional person-to-person contact, but AI-powered customer service bots are growing in relevance. Organizations in this sector need to take a design thinking approach to drive their customer service strategy.
More Millennials Using Wealth Management Services
As Baby Boomers continue to age, millennials and Gen Xers are making up a larger slice of the wealth management customer pool. These younger investors are more comfortable with FinTech innovations, like AI asset management and customer service bots. Once again, opportunities abound for tech pros with experience in AI and machine learning.
Looking for a new career in IT?
When you need help with your tech career, speak with the experienced team at The CERES Group. As one of the top IT staffing agencies in Boston, we understand the shifting market and can help find a path to success. Connect with us soon!