This week, on WealthTech Unwrapped, Ned and Scott Treloar, Chief Investment Officer at Noviscient, discuss what is wrong with wealth management today and how it could be made better through technological advancements.

According to Scott, the main issue faced by Wealth Management firms today is that they view the customer as a resource instead of viewing them as a central pillar. Instead of looking at them just to grow AUM and to sell individual products, it really should be about providing an intermediary to help them find solutions that best meet their needs and this can be done through technology, along with a customer-centric and digital-first mindset.

When it comes to hedge funds, the smaller firms and managers, who could potentially become superstars, are stuck as they can’t get out of the frictional costs of running a hedge fund. This eats them up in terms of time, effort, resources, costs, and everything else as it is a function of how the physical model of the industry works.

To mitigate this, Scott suggests having a digital model where there is a proper ecosystem on a platform where the money stays and never leaves. By doing so, signals from hedge fund partners come to the platform instead of following old, outdated processes.

Tune in as they discuss elaborate on a digital first model  and how it could free the wealth management industry of its common pain points, keeping it up to speed for firms and investors of the future.