Wealth management has traditionally meant a dedicated human financial adviser, providing tailored investment advice to primarily high-net-worth and ultra-high net worth clients. Over the past 10 years, innovations in financial technology, increased regulation, and changing generational expectations have challenged our understanding of the client-adviser relationship, and the wealth management industry as a whole.
The rapid growth and proliferation of financial services technology firms has caused a shift in the market by providing digital first, low-cost alternatives; opening wealth management to a broader base of retail, affluent, and mass affluent customers. While the wealth management debate has focused on digital adviser versus human adviser, a third option has emerged, the hybrid adviser model, which combines the best aspects of both traditional human advice and automated digital platforms.
In this paper, we shed light on:
- The growth of the hybrid approach
- The hybrid model
- Unifying the customer experience
- Building the business case for hybrid
- The future.
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