Predictions 2015: Digital Wealth Management Corrodes Traditional Firms

Traditional wealth management firms have been insulated from the convulsive change brought by digital technology because their clients are older and barriers to entry are steep. But conditions are changing fast, and 2015 will be a pivotal year. Firms built on person-to-person relationships face increasing pressure from competitors who are creating better digital experiences for clients and from digital disruptors who deliver better services at a lower price. Corporate boards are waking up to the threat and will replace senior executives who can't figure it out. eBusiness professionals will be expected to provide critical guidance on how to embed digital in the business. But the challenge is big: Catching up won't be cheap, quick, or easy.