In the ongoing debate over the adoption of an industry-wide fiduciary standard, one critical element is often overlooked: the role technology may play in helping advisors meet the higher standard of acting in their investors’ best interests.
A new report by the financial services unit of Citi argues that broker-dealers likely will need far superior wealth management technology to bridge the gap between their current suitability standard and fiduciary principles. Even RIAs, who already operate as fiduciaries, may need to make significant changes to upgrade their technology to effectively deliver services in their clients' best interests, the paper suggests. In sum, the authors argue that higher levels of automation and integration of wealth management technologies may be necessary.
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