Digital channels are democratising wealth management services. Yet our next generation financial services experts Colin Payne and Pete Townsend argue that there’s still life (and trust) in the older, established institutions – but for how much longer?
In a fascinating debate with show host Ollie Judge, they take us from the power of the masses (think Reddit), through the short-termism of many FinTechs (looking to sell), to the smart money that’s resting on established firms’ abilities to pivot with new digital approaches (e.g. Goldman Sachs).
Then there’s the prospect of global tech players and even Elon Musk entering the fray. But first, what is wealth? Just money – or something much more than that? Colin and Pete argue that banks must throw out their definitions of wealth management. Tear up the rule book. Start again.
There is a place for automation – robo-advisors – in managing the wealth of the mass affluent. But ultra-high net worth individuals want more than basic automated wealth services. There’s also the matter of risk. Wealth managers understand and manage risk well, whereas online hype-based attempts at wealth management are in need of regulation.
About the speakers
Colin is the Global Head and architect of Capgemini’s new Inventive Financial Services offer Inventive Banking. Working at the cutting edge of open banking and beyond, he is passionate about the development of new platforms and partnerships to deliver financial services for the modern economy. Colin has combined a long career in innovation with his deep knowledge of the banking world and now directs an international team delivering next generation solutions to clients.
Pete is the Founding Partner of Ireland-based Norio Ventures, a FinTech start-up advisory firm focusing on early-stage ventures in digital assets, distributed ledger technologies and global capital markets. Pete works with start-ups across Ireland, the UK and the US to help founders get their products to market, acquire customers, navigate regulatory frameworks and secure funding. He was previously chief operating officer and global head of product development for a division of BNP Paribas.