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KnowLedger publishes white paper examining disruptive forces in the UHNW space


Accounting technology company KnowLedger has published a new white paper that examines the challenges and opportunities for family offices and other wealth management firms in today’s volatile economy. This special, 20-page report examines how recent events and market trends—as well as demographic, social, and technology shifts—are creating new challenges and growth opportunities for family offices and other wealth management firms serving ultra-high-net-worth (UHNW) clients. Additionally, the report discusses how wealth management companies can leverage these market forces and reposition themselves for a greater competitive advantage. 

Historically, family offices and wealth management firms, especially those catering to UHNW clients, have not been on the forefront of technology. According to experts, newly emerging disruptive threats, as well as major shifts in demographics and consumer expectations, have begun to spur change on this front. Furthermore, the coronavirus pandemic has also acted as a catalyst for change, underscoring the seriousness of these threats.

“Family offices and other wealth management firms are facing threats on several fronts,” says Ryan Kerry, CEO of KnowLedger. “Major demographic shifts and rapidly changing customer expectations, coupled with serious competitive threats, are pushing these firms to level-up legacy systems and processes to provide a more seamless customer experience.”

Meticulously sourced from a wide array of leading industry experts, consultants, and publications, including Barron’s, BCG, Capgemini, EY, Fidelity, UBS, and many others, this white paper explains these developing market forces and how firms can respond. From the rise of millennials to the potential uses of AI and ML for automation, this analysis discusses the vast potential for growth.

The first half of the report examines the financial impact of the global pandemic, including opportunities for wealth management, generational and demographic shifts, the rise of millennials, women and wealth, and the new face of global wealth. The second half discusses potential tech disruptors, including the need to level-up customer experience, the impact of digital transformation, upgrading legacy systems, fostering innovation with APIs, and the potential for automation using AI and ML.

According to Kerry: “No two family offices are alike, but they do share common challenges.” Indeed, many firms are just starting to become aware of these challenges and have not even begun to seek solutions. KnowLedger’s goal in publishing this white paper is to raise awareness of the challenges “and hopefully spur ideas so that firms can start to discuss and explore potential solutions.”

In conjunction with the release of the white paper, KnowLedger has also introduced the Family Office Digital Assessment Program (FODA Program). The FODA Program is a five-point digital assessment designed to identify and diagnose common problems that can drag down operational efficiency and negatively impact performance. To learn more about the FODA Program, contact KnowLedger.

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