Data management, client access to products, changing demographics and, of course, cryptocurrencies represent key issues shaping the future of wealth management technology.
Those are some of the key takeaways from the first day of the Financial Planning INVEST Conference, where industry professionals and big names like Ric Edelman of the Digital Assets Council of Financial Professionals and Lori Hardwick of Genstar Capital are gathering this week to discuss the critical technology topics shaping the future of wealth management. Two panels on the first day also included Stefanie Raiola of Riskalyze backer Hg Capital and Reggie Tucker of wealth and asset manager Manhattan West.
Since stepping down as chairman of Edelman Financial Engines last year, Edelman has been working full time as a crypto educator to financial advisors with the organization overseeing the Certificate in Blockchain and Digital Assets. He recommends that investors devote 1% of their portfolios to crypto, although he declined FP Wealth Editor Lynnley Browning’s requests to state the percentage in his own holdings beyond saying that he’s “overweight” in digital assets.
In the other panel, Hardwick led a discussion of the most important tech tools for advisors and clients and most promising areas for private equity and venture capital investors. She has spent more than 25 years in the industry and currently holds seats on the boards of digital 401(k) recordkeeper Vestwell, wealthtech firm Orion Advisor Solutions and independent wealth manager Cetera Financial Group.
For a sampling of the conversations underway among advisors, wealth tech entrepreneurs, capital investors and other professionals present at New York’s Midtown Hilton, scroll down our slideshow. For a look at the main takeaways for advisors from FP’s annual tech survey, click here. To see the agenda for the conference, follow this link.