Wealth tech’s shortcomings — and its potential for industry disruption
Financial Planning
The leading resource of news, data and analysis for the wealth management industry.
When Citibank Global Wealth Management head of technology and infrastructure Julia Carreon joined the firm last year, she ran into troubles often faced by clients. It took her six months to roll over her accounts from her prior job through paper checks that kept getting lost in the mail.
“Eleven years ago, I said we had about 20 years to get our act together,” Carreon said last week in a panel at the Financial Planning INVEST conference. “We’re halfway through, and I’m telling you right now, asset management businesses are sitting on friction all over the place.”
Carreon painted a stark picture of the areas where wealth managers and firms from supportive fields are falling short in a digital era with the potential to catch up — but only if the industry faces those challenges with an understanding of younger generations and an open mind to some unfamiliar concepts. Her session and another afterward led by Riskalyze CEO Aaron Klein focused on the importance of correcting some misconceptions about the use of wealth management technology now and into the future.
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