Is financial services suffering from impostor syndrome?
Venture capitalist and In|Vest Conference Chair Sebastian Dovey says in a new episode of Financial Planning’s podcast that the industry is “No. 1 for playing ourselves down” and “saying that we’re bad” at technology.
In fact, he cites higher rates of client satisfaction in wealth management than with other financial services. Still, he acknowledges that the industry at large faces challenges in winning over clients in a brave new era for fintech.
In 1998, Dovey helped launched the management, research and data consulting firm Scorpio Partners, which a subsidiary of Aon Hewitt acquired in 2014. In addition to helping to craft the content and emceeing at FP’s flagship events in San Francisco and New York, he serves as a director or board member for eight companies, helps oversee the entrepreneurship program at the London School of Economics and advises two family offices.
After discussing how he approaches the development of programming at the semi-annual In|Vest Conferences — and aims to advance the industry — Dovey explained why “we’re not as bad as we think” with respect to tech.
“As an industry, we are pretty technologically-aware, we have been technologically-advanced,” Dovey says.
“What’s perhaps been the reason why we think it’s slow is, as an industry, I think we are always a little bit myopic about using good intelligence, you know, listening to outside wisdom, taking strategy onboard, being more experimental. We are still quite a risk-driven culture. And it’s been great that there have been some startups that have sort of forced us to think again or forced the entire industry to explore. But I’m saddened a little bit by the scarcity of the number of startups relative to what we need. So I don’t think that we’re quite in ‘The Flintstones’ age. And it’s good to always keep challenging the industry. But we do have to remind ourselves what we have done well.”