How Does Wealthtech Change Wealth Management in 2024?

By Yana Troianska

13 min to read


What is wealthtech?

Wealthtech, or wealth technology, is a subset of fintech that refers to using technology to enhance wealth management services and operations.

Consumer wealth management technology solutions include algorithmic trading platforms, robo-advisors, and online brokerages. B2B wealth software like CRM and wealth asset management systems can also streamline internal operations.

What’s driving disruption in the wealth management industry?

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.

What are the challenges of digitizing wealth management advisory?

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

What are the top digital wealth management companies?

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

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