Bringing incumbents up to speed in a digital age
Large wealth managers have shifted their tech focus dramatically to keep up with client expectations and industry disruption, Capco Partner Bryant Fuller says in an episode of Financial Planning’s Invest Podcast.
Fuller has led the global tech and management consulting firm’s U.S. wealth and asset management practice since he joined Capco in 2018 after tenures with Ernst & Young, TIAA and Accenture. In discussing the many changes to wealthtech in recent years, he describes client portals as moving to the forefront after being once being “an afterthought” to large firms.
Outsourced capabilities like portfolio modeling with an ability to customize for each particular advisor and their clients marks another shift. While Fuller argues that new tech tools display how the industry has homed in on how it can better serve clients after too much emphasis on advisors, he notes the resources also help planners spend less time on burdensome tasks.
“I think now — with our day-to-day lives and what we can get access to on our smartphones — It’s elevated the game. There’s been a lot of focus now from firms ...looking at what are those dashboards we need to create, how can I streamline the onboarding process, where it starts maybe on my mobile phone or all online?” Fuller says. “You can credit some of the fintech disruptors for really challenging that in the market, where you’re streamlining that down to a matter of minutes versus days and that’s an area where we’re continuing to help our clients.”