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Letter from Assured Thought
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The implementation of digital transformation change presents significant challenges for the wealth management industry. Among these challenges is the integration of new digital solutions with existing legacy systems, a complexity that was underscored in our interview with Andria Reid, Change Director at The Openwork Partnership. Her approach of introducing Q.A. and testing in the initial stages, shifting left, of project implementation suggests a path to more efficient change delivery. There is also a pressing need for skilled and expert resources in the wealth management sector, with 72% of respondents highlighting insufficient resources in terms of team maturity and skills, which are key factors in successfully delivering transformational change. Data security, privacy, and regulatory pressures add another layer of complexity to the equation. Yet, these complexities have not dampened the industry's determination or resilience, but rather sharpened its focus on navigating the path to digital transformation.
Despite the challenges, the industry remains optimistic about future growth and development. We have learned much from the insights shared by interviewees like Mark Harrison, CTO at Killik & Co., who emphasised the value of 'hybrid advice' - a blend of improved digital capabilities with the personalised touch of human interaction—a strategy that could drive growth in the future.
Interestingly, we observed the absence of a ‘one-size-fits-all’ solution. As Niral Parekh, COO at Atomos Wealth, pointed out, the increasing comfort of clients with self-service technologies signals a demand for more tailored and integrated functionality. This, in turn, highlights the need for better integration capabilities in the marketplace, which could potentially simplify the process of digital transformation for wealth managers. Adrian Hextall, Technology & Transformation Services Director at Evelyn Partners, highlighted a trend towards catering to younger audiences, reminding us of the need to adapt to the changing demands of clientele—another testament to the flexibility and resilience within the industry.
Amid these challenges, the insights gained from our interviews indicate that the financial services industry seems equipped with the necessary resources and partnerships and is ripe for growth and development. While there are new regulations and increased costs of change, we foresee the industry capitalising on these opportunities.
As an award-winning QA and testing consultancy, we, at Assured Thought, understand the challenges and continue to learn from industry experts to implement successful digital transformation projects. We have expanded our services to include change, transformation and delivery, making us a niche financial services consultancy with expertise in the entire project execution lifecycle. This expansion ensures that we can provide the necessary skilled resources to help wealth managers overcome these challenges effectively.
It is our hope that industry leaders delve into the insights offered and recognise the importance of innovation within the financial services industry. If this sounds like you but you’re not sure where to start, please feel free to reach out to us for more information:
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Assured Thought is a quality assurance and software testing company for financial services firms in the UK, Europe and beyond.
With the right QA testing strategy, access to the right tools and resources, and the support of high performance specialists, you can accelerate the growth of your business and reap the rewards in a complex world.
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