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Digital Wealth Management
Justin Balogh, Link Pacific Advisors (cont.)
Who do you think has the right model in the U.S.?
I think it’s difficult to pick one right model. There are quite a few compelling approaches to this space in the U.S. that offer different
options for investment experience, and product types, which makes sense given the variety of client profiles. It is hard for providers
to differentiate around simple, low-cost asset allocation but I think those that offer much more than this will ultimately lead client
acquisition. Clients will gain confidence, and as they do will want a more interactive experience and access to a wider range of
investment products through robo advisors.
Are there other areas of the wealth management that you think are ripe for innovation?
There has been some progress in this but I think there is an opportunity to further innovate around an integrated digital expansion
coming from wealth management into broader financial services management. By that I mean the development of a singular digital
contact point for the investor for all things that touch their financial experience. For example, a digital wealth manager for the
investment portfolio, a household budgeting tool for management of day to day finances, a digital insurance broker, access to
finance, banking, payments etc. That does not mean that only a single financial services entity faces the client but perhaps a single
digital window through which all of those services are pulled together. Wealth management should be an experience that is
integrated with wider financial decision making.
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