Historically, family offices and wealth management firms, especially those catering to ultra-high-net-worth individual (UHNWI) clients, have not been on the forefront of technology. But newly emerging disruptive threats, as well as major shifts in demographics and consumer expectations, have begun to spur change on this front, according to a new report from KnowLedger.
Furthermore, the coronavirus pandemic also has acted as a catalyst for change, underscoring the seriousness of these threats, according to KnowLedger, in its 20-page report examines how recent events and market trends — as well as demographic, social and technological shifts — are creating new challenges and growth opportunities for family offices and other wealth management firms serving UHNWIs.
“Family offices and other wealth management firms are facing threats on several fronts,” said Ryan Kerry, CEO of KnowLedger. “Major demographic shifts and rapidly changing customer expectations, coupl