An explanation of digital transformation within financial planning and wealth management

  • by Chris Pitt on

Digital transformation is fundamentally changing the financial advice sector. Firms that have identified the direction of travel and started the journey to digital transformation, are already starting to reap the benefits and gain competitive advantage. Inevitably, this means there will be winners and losers.

However, within financial planning and wealth management firms, digital transformation means different things to different businesses. To help firms navigate their way to digital success, we’ve created a series of three articles that cover:

1. What is digital transformation

Digital transformation is a journey. Therefore, we kick things off with the here-and-now, and then explain  what it will mean in the future, including, the potential to deliver a ten-fold increase in the size of the UK financial advice industry.

2. Four steps in the digital transformation journey

In this article, we highlight the four fundamental steps to digital transformation; data quality & data management; business process design & automation; cultural & behavioural adoption; and extracting powerful insights from your data.

3. Digital transformation – What’s the tech?

If firms are going to digitally transform, they need to have the right tools and technology. In the third article of this series, we highlight what’s required from your technology stack.

Think big, start small, but start!

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