ABA Trust & Wealth Conference 2017

Summary of the Issue

The current relationship between Wealth Management and FinTech innovators could use substantial improvement. An analysis of crunchbase tags indicates that roughtly 5 times more startups are innovating for banks than for the wealth management industry -- even though they are roughly of comparable size.

At the same time, WealthTech companies are looking to replace (instead of augment) existing Wealth Management capabilities, including adding human touch points to address investors' tendency to use System 1 thinking in the arena of investing.

In an effort to promote conversation and distill the core challenges that cause frictions in the wealth management industry, participants were:

  1. Given a high-level overview of "good discovery" (e.g. asking people about past experience and pains instead of "ideation" about what could be)

  2. Asked to break into 5 groups and come up with the top list responses to the following question:

Think about your experience since the start of the New Year. What did you spend the most time doing that you:

  • You think you can automate
  • Was not something you’re passionate about
  • You felt like was a waste of your time
  • (Any of the above)

The List of Pains

The following list of 10 "pain points" were arrived at after the 5 Groups collaborated:

  1. Unstructured data collection (client statements)
  2. Auditing: Manual review process of timing of illiquid and other data feeds
  3. Performance Reporting:
  4. Account opening and transfer process
  5. Multiple systems (trust accounting, performance measurement, etc.)
  6. Compliance: IPS / Reg 9, etc.
  7. Client risk assessment (money laundering, suspicion to commit acts of terror, etc.)
  8. Documentation of clients in a useable automated QC Format
  9. Clients having access to all of their accounts in 1 place
  10. Having the 360 view of the client regardless of relationship

Lastly, each of the pain points was voted and the following aggregate score was created for each of the pain points:

Most Pervasive Challenges



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