Since the start of this decade, wealth management has transformed dramatically. Technology is evolving at such a rapid pace that the sector could look vastly different in the next few years.
With 2030 edging ever closer, FinTech Global spoke to leaders from across the sector to explore what wealth management might look like by the end of the decade.
Friedhelm Schmitt, co-founder and CEO of Fincite, sees the biggest transformation in the market being, “the client will become software.”
In the current market, a person opens an app, calls their advisor or logs into a platform when they want to manage their finances. However, Schmitt sees a future where AI agents will handle most of the work.
He said, “By 2030, more clients will have their own AI agents. Those agents will know their assets and liabilities, their family situation, liquidity needs, etc. They will monitor and compare and negotiate and ask other systems to act.”
This will create a whole new dynamic within wealth management, one where the client is not the user of a wealth manager’s software, instead their own software will be the user. This will establish a new client relationship.
He added, “That is a much bigger shift than putting an AI copilot next to an adviser. So the next phase of WealthTech is machine-to-machine wealth management.”
As for Fredrik Davéus, CEO and co-founder of Kidbrooke , sees the biggest shift being the move from occasional financial reviews towards support that responds in real-time as a client’s circumstances change.
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