Trend For 2021: The Big Shift In Wealth Management

We’re on the homestretch. 2021 is a stone’s throw away and the wealth management industry has seen a tectonic shift in the way things function. The old guard was aware of technology-driven platforms but, there was little to no fear when this year started out. 2020 has made them realise that digital is the future and the future is here.

The Way Things Were

One could have been certain that despite all technological advancements, only early adopters were shifting to investment apps and platforms. Many seasoned investors still wanted to meet their human financial advisors. It was simply how things had always been. 

It wasn’t the most efficient way to manage wealth but it was the comfort zone. This is not to discount the giant leaps fintech products have been taking in the wealth management industry. Just that the winds of change weren’t strong enough to bother the oaks. Any major change was going to be slow and laborious as preordained. However, when the change came we all had to hit the ground running.

The Doing And Undoing

THWACK! Enter 2020. The global health crisis disrupted businesses like a matador distracting a bull from its stroll. Time-consuming hotel & home meetings over coffee gave way to video calls. Small talk stepped aside to make way for clear agendas, along with more productive and succinct conversations.

Even the most passive of investors wanted to know what is happening to their portfolio. And they wanted this information in real-time and presented with simplicity and transparency. No longer could an RM hide the actual portfolio results in a one-hour elongated discussion around the global economic situation and shallow inquiries about the spouse and child.

Investors realised how easy it was to use online and app-based services like Cube Wealth. It was a lot easier to invest, track and analyze your portfolios on your own time. You could open your app, check your portfolio and even get smart suggestions at 2 am if you wanted to. Investment apps have clearly given investors more control and visibility over their portfolios.

Launching Into 2021

The volatility we’ve seen in 2020 has reminded investors that what truly matters is quality. Even within the realm of investment apps & online platforms, users have realized that while all platforms let you invest, not all can deliver quality.

The desire now is to get high-quality portfolio management services. If the past few months are a sign of things to come then the choice in 2021 will be all about peace of mind.

It will be less about multiple investment opportunities and more about choosing the right ones. We can also expect investors to take a more holistic and portfolio-based approach. All of this will happen with fewer people getting involved at each stage.

The future of wealth management is in the hands of technology-driven products that will offer quality assets, expert advice and curated options. As we enter 2021, the desire will no longer be just to grow your wealth but, to Cube it.