Building modern wealth management platforms for personalized, scalable, and secure financial services

Throughout history, wealth management in the private banking sector has served as the primary financial advisory market, whose clients were mainly ultra-rich families and individuals. They received discretionary investment, tax, estate, and succession services, all handed over by the same advisor over decades, and often through private banking only. Over the last sixty years this perception and the business around wealth management have gradually changed, paralleling the growth of the financial industry, the wave of market globalization, technological innovation, and digitization. Clients’ preferences have become more complex as they increasingly diversify their investments into illiquid and non-financial assets, or use the wealth for generating social impact. The wealth management market has become more competitive as new digital entrants, fintech companies, big techs, and private equity firms as intermediaries, emerge with alternative proposals. Wealth management has become more decentralized and institutionalized, as clients increasingly demand tailored solutions and products, and increasingly allocate goods and services to experts rather than one single relationship manager.