Finance Monthly. 6 THE MONTHLY ROUND-UP News You Can’t Afford to Miss The Monthly Round-Up WEALTH MANAGERS NEED TO EMBRACE DIGITALISATION TO ACHIEVE GROWTH DURING HYPER INFLATION UK consumers have lost £50bn in disposable income since 2021 according to the latest research and 59% of consumers with housing costs have told the British Retail Consortium that they’re expecting to cut back on their spending. But wealth managers still need to find pathways to growth by engaging new audiences. The average salary earner is facing significant economic pressure and may not identify with the term “wealth”, further deterring wouldbe customers. Wealth Managers looking to grow their businesses in this climate need to make their brand and their offerings more relatable to more people. There are steps Wealth Management firms can take to gain the trust of the average person, and change the general distrust and nervousness that the public has for the Wealth industry. This sector needs to modernise in order to shift perceptions around the accessibility of wealth managers and encourage younger generations of earners to explore how management professionals can help them. Compared to the rapidly evolving FinTech sector, the speed of adoption of new technology in the Wealth industry is considerably pedestrian. Young earners are used to accessing services with hyper convenience on their preferred device at all hours. Management firms need to take a customer-centric approach to seamlessly offer clients what they need, when they need it.
RkJQdWJsaXNoZXIy Mjk3Mzkz