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52. Making WealthTech Right with Eric Mellor

52. Making WealthTech Right with Eric Mellor

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Key takeaways

  1. With purely technological solutions, consumers assume more responsibility over their wealth management progress.
  2. The pandemic has exposed the urgency to amend the advice gap for people without safety nets in terms of financial affairs.
  3. Without a rigid curriculum to foster financial literacy, many are less likely to pay attention.

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This time on WealthTech Unwrapped, Eric Mellor joins Ned and Dani to examine the role of technology in the wealth management space. It’s evident that emerging technologies have been modernizing financial services, especially toward accessibility for the underbanked and underserved populations. However, Eric suggests that despite the success of disruptive digital technologies like Robo-advisors, a disparity still exists as solutions are not as diverse. Furthermore, by automating services to increase cost efficiency, consumers are likely to bear the responsibility of acting decisively, even if they’d prefer thorough and personalized advice. As investor goals are impermanent and based on individual life experiences, algorithm-driven financial planning services might be unable to react to shifts as attentively as human advisors. 

Speaking of the advice gap, Eric posits that the industry would be hesitant to promote change if the models are not commercially viable. It’s up to the regulatory bodies to establish a structure for financial advice that protects the welfare of businesses and consumers. Of a more moderate solution, financial literacy is an important factor in elevating the advice gap since most investors are unaware of the merit of investments even if they’re within a favorable environment. Education has to start at the grassroots level in order to equip investors with proper knowledge to manage their wealth. Additionally, until technology can reach a sophisticated level of accurately understanding human behavior, human intervention remains crucial. 

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Meet Our Guest Speaker

Eric Mellor

Wealth Management Specialist at Temenos

Before venturing into the field of wealth management, Eric served 10 years in the Royal Navy and attended the University of Portsmouth with a degree in Financial Services. He has accumulated diverse and extensive wealth management experience across retail asset management and private banking, as well as other developments, from his time at HSBC and IFS among other organizations.

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