How can UAE wealth managers stay relevant in the current economic situation?

The entire spectrum of financial services is in the midst of a technology disruption and wealth management is no exception. Most prominent, perhaps, is the rise of the robo-advisor.

Robo-advisors offer algorithm-based financial advisory services with little to no human intervention. Estimates on the actual size of the industry differ, but it is projected that globally, robo-advisors will handle anywhere between $7 trillion to $20 trillion assets under management by 2025, up from roughly $2 trillion in 2020.

The UAE too has seen the rise of robo-advisory services as wealth in the country continues to grow.

 With the number of high net worth individuals (HNWI) in the country rising by 8 per cent annually, wealth management solution providers require sophisticated tools to keep pace with the competitive market, opines Neha Goel, sales director at global IT firm Comarch.

“Wealth managers must evolve the client experience due to rising client expectations and new money. They must introduce digital channels, data analysis and robo-advisory to aid the new age millionaires,” she explains.

That is especially key in the current economic scenario, due to the uncertainties caused by the Covid-19 pandemic across the world, where access to branches and personal meetings have reduced.

“Wealthy individuals need tools that can help them manage their assets efficiently, on the go, from any place on earth through digital channels,” explains Przemek Bogusz, Financial Services sales director at Comarch.

“During uncertain times, people also need tools they will be able to trust and digital channels, being automated, analyse hundreds of touchpoints to provide the best possible advice based on the current world situation.”

To support wealth managers, Comarch offers an integrated, multi-module platform dedicated to retail, affluent and private banking client segments.

Comarch Wealth Management focuses on the relationship between advisors and wealthy clients regardless of the way client investments are managed: be it fully automated robo-advisory with the help of a chat bot, or personal advisory carried out by a relationship manager. Due to its omnichannel approach, the platform allows processes to continue constantly between clients and their advisors.

The platform supports wealth management service providers and their clients in delivering the following:

Recurrent advisory – fully automated or hybrid investment advice

Simplified advisory – occasional assistance with choosing investment products

Execution only – direct access to trading desks enhanced with support for order execution and all administrative tasks

Portfolio management – traditional discretionary portfolio management of individual client assets

For more information on the services Comarch can provide, check out their website here: https://www.comarch.com/finance/banking/comarch-wealth-management/