Smart transformation in wealth management is not a zero-sum game

Wealthnsociety05 Oct, 2020Finance

In the new era of smart transformation, financial technology (fintech) companies are evolving from market disrupters to enablers and partners of traditional wealth mangers, helping to realise the growth potential of the entire wealth management (WM) market, according to a new report commissioned by Lufax, an internet-based wealth management and consumer finance platform. The report, titled �Global Digital Wealth Management Report 2019-2020� and authored by Boston Consulting Group (BCG), recommends that incumbent asset management companies, which mainly rely on offline business, can cooperate with fintech companies to revitalise old brands to meet clients� demand for smarter services.