The wealth management (WM) sector is going through a lot of transformation right now. New technology and the experiences of the previous financial crises have impacted the expectations and tastes of a new generation of investors, who have changed the standards by which advice and investment products are provided in the market. Advisors are finding it more difficult to produce excellent investment performance for their customers due to a difficult investing climate characterised by rising levels of risk and uncertainty. The ageing of advisers and the impending wealth transfer from baby boomers to their children may disrupt many long standing client/advisor relationships and offer possibilities for new businesses to gain market share. And finally, the level of disruption in the WM industry is further exacerbated by rising regulatory burdens, fresh business models, and altered competition dynamics.

Disruptive innovation has a lot of potential for the wealth management sector. There has never been a more pressing need to digitise the wealth management infrastructure. Digital wealth management encompasses more than just providing online channels for transactions; it also includes employing technology to increase value, provide knowledgeable support, and enhance consumers' investment experiences.

The development of robo-advisors, which are automated, algorithm- based systems that offer wealth management advice, is another result of the advent of digitalization. A huge segment of the population can now access and afford the entire investment process thanks to these user-friendly platforms, combining science and human judgement in advising models. With new ways to interact with potential customers, manage client relationships, and control risks, big data and advanced analytics are revolutionising the market. The traditional wealth advising businesses can expand their capabilities and improve digitalization more quickly and affordably by working with wealth tech providers.

Nonetheless, wealth management industry as such is taking a sweet time to shape shift with technology. About time, the traditional methods are augmented.