Advisory businesses of all kinds are facing up to the threats and opportunities presented by disruptive innovation. Machine learning, robo-advisers and artificial intelligence are just some of the factors that have begun to reshape the markets in which they operate. So how is the private wealth industry responding?
Delegates gathering this autumn for Legal Week’s International Private Client Forum on the banks of Lake Como discussed some of the most pressing issues, including the impact of impersonal technology on the very personal world of private clients.
Professor Richard Susskind summed up one of the key challenges facing advisers: “Clients don’t want lawyers, they want outcomes. Technology, especially disruptive technology, provides different ways of delivering those outcomes.”
This Legal Week Intelligence report, in association with RBC Wealth Management, offers an overview of the Lake Como event, covering subjects including the drive for financial transparency, the realities of family bereavement, succession planning considerations for family businesses, and the developing role of private client advisers.
The report also includes an editorial article by RBC Wealth Management’s head of investment strategy, Frederique Carrier, which looks at the impact of technological innovation in the context of investment considerations.