Charles Smith
- Technology integration is a key challenge, with larger firms struggling to deliver seamless investor experiences.
- Data-driven personalisation is becoming essential, as clients expect tailored advice across digital and human channels.
- Advisor scale and efficiency depend on smart tools, with AI and integrated platforms helping firms meet rising expectations.
The wealth management industry is facing a dual reality: significant challenges and exciting opportunities. As part of our Wealth Insider Insights series, we spoke with Charles Smith, Partner in Wealth & Asset Management Consulting at EY, to explore how firms can better integrate technology, scale advisor capabilities, and deliver personalized, seamless client experiences.
Q. What do you see as the biggest challenges and opportunities in the wealth management industry today?
There are significant challenges in wealth today, but also plenty of opportunity. Larger firms are struggling with technology integration and delivering solutions that meet investor expectations. They tend to move slowly compared to smaller, more nimble providers.
Success comes down to delivering the right advice, at the right time, with the right insights. That means pulling together data, technology, and advisor capabilities into one seamless experience. Advisors need access to data, the right tools, and the ability to provide personalized advice—whether that’s online, mobile, or face-to-face.
Firms that lack the right technology and insights will struggle to compete with more agile providers who are already delivering this kind of experience.
Q. What do you see as crucial components or focus areas for delivering a seamless and engaging advisor–client experience?
The firms that will succeed are those that integrate holistic data—about the client, the market, and their holdings—with technology. Many firms are trying to scale, but they’re also losing advisors through retirement and attrition. To deliver consistent experiences across their entire book of business, they need data at their fingertips.
That means using data to generate insights and analysis, and leveraging AI tools to uncover patterns and opportunities that advisors might not find manually. Integrated technology and portal solutions are critical. Without them, firms will struggle to deliver the kind of experience investors now expect.
Q. What is your take on personalisation and what role can data and technology play?
There are many ways wealth firms can improve personalisation. Digital channels are key—they allow firms to better understand clients, gather insights about preferences and goals, and tailor the experience accordingly.
Whether it’s through advice, reporting, or other insights, personalisation is critical. Investors are used to personalised experiences in other areas of life—shopping, entertainment, even how they consume news. If wealth providers can’t match that level of relevance and customisation, they’ll fall behind.
Data and technology make personalisation possible at scale. Firms can use digital tools to deliver tailored content, recommendations, and interactions that feel intuitive and aligned with each client’s needs.
Success in wealth management today means delivering the right advice, at the right time, with the right insights—powered by data, enabled by technology, and personalised through the advisor.
Charles Smith
Scaling advice through integration and insight
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