How Does Wealthtech Change Wealth Management in 2024?

Here are the three wealth technologies that are shaping the wealth management space:

• Cloud. Hybrid or cloud wealth technology infrastructure maximizes scalability and optimizes infrastructure costs.
• Artificial intelligence. AI can tailor financial advice to every client, create customer micro-segments for better targeting, and power chatbots and virtual assistants.
• Big data. Data analytics can derive powerful insights from market and consumer data to improve decision-making for both wealth managers and investors.

Adopting wealthtech comes with the following four key challenges:

• Ensuring a high level of personalization with wealth management technologies like artificial intelligence, machine learning, and big data
• Offering an intuitive user experience that drives adoption
• Safeguarding the infrastructure and systems against security threats and maintaining regulatory compliance
• Overcoming resistance to change within the organization

Top wealth management fintech companies and wealthtech startups include:

• eToro, a zero-commission trading platform and a top wealth management platform
• Adderar, one of the top B2B wealth management platform providers for wealth managers and financial advisors
• Betterment, a robo-advisor powered by AI and financial planning technology
• Acorns, a micro-investing solution for personal wealth management
• Raisin, a savings marketplace and the best wealth management platform of 2021
• Canoe Intelligence, a data management platform and the 2022 WealthTech Awards winner