The importance of digital transformation in wealth management has been beaten into the ground like the Super Bowl hopes of Dallas Cowboys fans.
But firms across the industry are still excited about what the future of wealthtech may hold and are willing to spend big to evolve into something a bit more bleeding-edge.
Broadridge's 2023 Digital Transformation and Next-Gen Tech study finds that 57% of financial services firms agree that digital transformation is currently the most important strategic initiative for their company and that falling behind will hurt their ability to attract and retain talent.
Organizations are also accelerating digital transformation spending, economic difficulties be damned. Firms now spend around 27% of their overall IT budgets on digital transformation compared to just 11% last year, according to the study.
But not all forms of next-gen tech are getting the same love from financial professionals. AI and blockchain? Count them in. Leveraging the metaverse? Well, not so fast.
Check out the full story, as well as fresh fintech news from Cetera, Wealthbox and Advisor360°, at Financial Planning.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have an awesome rest of the week!
Regards,
Justin | | Justin Mack
Reporter, Financial Planning
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| By Justin L. Mack | A new report from Broadridge Financial Solutions also indicates enthusiasm for AI is high, but buy-in on the metaverse remains low. Read story → |
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| | | By Justin L. Mack 6 min read | The co-founder of the XY Planning Network offers up best practices for advisors eager to spend more time in front of their clients and less time in front of screens in 2023. Read story → |
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| | | By Justin L. Mack 9 min read | Jalina Kerr, the managing director of client experience at Schwab Advisor Services, wants to make digital adoption easy for RIAs. Read story → |
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| | | By Justin L. Mack 2 min read | The California native also shared what he is excited to see from wealthtech this year, and some tips for East Coast advisors taking in the West Coast sights. Read story → |
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