The Big Shift – The Forces Reshaping Advice & Wealth Management.

The world as we have known it is changing. And it’s never been a better time to be working in Advice and Wealth Management. The opportunities to help more people protect what they love, buy their first home, and save for a secure future have never been greater. It’s a great time to be doing what we do. 

At Accelerator Labs, we see the wave of transformational change underway across Advice & Wealth Management Firms. And for once, it’s not down to regulation. The change is being driven by market, societal, and technological forces.  

We believe the BIG shifts that are driving change to be: 

Wealth is being transferred from one generation to the next.

This generational transfer of wealth is one of the most significant trends affecting the industry today. Building trust and relationships with the next generation will require a different mindset, strategy and tools.  

Client expectations are evolving.

Digital interactions are the norm, especially among younger clients who are digital-first in almost every aspect of their lives. This shift means that advice and client engagement must also be capable of being delivered digitally. Clients will want the choice. Client will expect seamless, personalised experiences that are accessible anytime, anywhere.

AI and technological innovation are closing the advice gap.

The fourth industrial revolution is upon us. AI and other technological innovations are enabling firms to scale their operations without increasing costs. These technologies can automate routine tasks, provide insights, and enhance the client experience. It’s just a matter of time before AI Agents are delivering advice. 

Businesses will have to re-invent themselves to survive in the digital age.

The business model must adapt. Firms must be willing to break and remake their businesses to stay relevant. This means embracing digital transformation, rethinking how they deliver value, and being open to new ways of working. The digital age demands agility and innovation.

Technological innovation will require human transformation.

The impact of technology on the workforce cannot be underestimated. Everyone from the C-suite to the shop floor will need to retrain and adapt to new ways of working. No one is safe from the need to upskill and reskill. 

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So, how can firms respond to these disruptive forces?

1. Prepare a strategy to retain and capture the assets being inherited by the next generation.  

• Invest in customer research.  Find out what your clients find hyper valuable.  
• Invest time in reading external market research papers that provide details about what younger customers are looking for.

2. Invest in solutions that will help you deliver personalised digital experiences.  

• Your customers are hanging out in digital spaces, and you need to be there too. Create a digital space for clients. 
• This means investing in technology that enables personalised, seamless interactions.

3. Reassess the nature of your workforce.  

• Human capital remains essential, but the nature of work will change, becoming more specialised and focused on areas where humans add the most value.  
• Digital workers are here to stay. And someone is going to have to manage them.
• Redefine the roles and responsibilities of your teams to align with the new ways of working.

4. Start the process of breaking and re-making your business.  

• Be proactive about embracing change, experimenting with new business models, and being willing to take risks.  
• Foster a culture of innovation and agility that can respond to the fast-paced changes in the industry.

5. Focus on the skills of the future and decide whether to build, buy, or borrow these capabilities.  

• Invest in the re-skilling and upskilling of your teams. 
• Decide what skills you develop and internally, where you need to hire new talent, and where you partner with external experts.

The market will be transformed with you or without you. As leaders it’s your role to:  

• Be responsible for defining the firm’s vision, mission, and strategic goals. This includes identifying growth opportunities, market trends, and competitive advantages. What is your understanding of the big shifts that are underway and what is your planned response for your organisation?  

• Ensure that the firm’s services align with client needs and expectations. What are you doing to understand the needs of your clients today and the clients you want to attract?  

• Oversee the firm’s financial resource allocation.  How are you allocating that capital to ensure the firm can invest in the business transformation required to drive value creation for shareholders?  

• Be at the forefront of innovation and transformation initiatives to keep the firm competitive and responsive to market changes. How are you responding to the technological innovation that is upon us?   

How can we help?

Here are some of the ways Accelerator Labs could add value to your business transformation plans: 

• Ensure your business strategy is aligned to your data, technology and people strategy. We’ll help you spot the gaps in your strategy and highlight the critical decisions that need to be made.  In short, we will stress test your plans so you can be confident that you can deliver what is needed. 

• We will develop your investment plan that will detail what expenditure is needed, when it is needed and what cost savings can be achieved. We’ll work with you to ensure your capital expenditure is fully optimised.  

• We will provide coaching, leading and upskill your Teams as we work with you to deliver on your plans.  Transformation requires strong and visible leadership, we’ll ensure your Teams have a clear understanding of what is required of them and then give them the support to execute on that. 

• You will have access to cutting edge thought leadership SME’s. They will share their expertise on topics such as market dynamics, data, technology, AI, operating models, skills of the future. 

• Being a critical friend.  Because business transformation is not easy, and everyone needs a friend who’s going to tell it to them straight. 

Join the conversation on the Big Shift 

Poppy Achilles, Client Director at Accelerator Labs, is hosting a free online webinar series exploring The Big Shift and the key forces reshaping the Advice and Wealth Management industry.  

This series is open to all Advice and Wealth Management firms currently exploring or investing in transformation.  

To learn more, contact poppy.achilles@alirity.com or register here.