The three biggest technology mistakes made by wealth managers

Lacking digital strategy

Andrew Foster, head of private wealth management at technology provider IRESS, has shared his views on where wealth managers could improve their digital presence in a rapidly-changing world.

The first mistake made by firms, he said, was focusing on trying to achieve too much in-house. Foster said: "It is the equivalent of building your house yourself because you know what you want; there are people out there who can do it better than you so why not use them? Firms do not always understand the efficiencies that can be created by outsourcing." 'The robots are coming': How can wealth managers get ahead of the fintech revolution Next, he identified firms are underestimating the volume of regulation coming in the near future, which will require them to update their technolo...