Wealth management firms are facing much greater competition than ever before from fintech startups and non-traditional players. These new competitors all have a few things in common. Most notably, they are all using new technologies to improve the customer experience and provide greater convenience and value, but at a much lower cost compared to the traditional wealth management players.

This can be both exciting and terrifying, as incumbent firms will need to adapt to compete with these new entrants while they still own the customer’s assets, or risk losing customers to lower-cost startups and non-traditional players. By recognizing what these new entrants are doing right, traditional wealth management firms can implement many of the same concepts to not only compete, but even thrive.

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