Navigating the future of private wealth in the fintech era with CIO Shannon Saccocia

The landscape of private wealth management is rapidly evolving, influenced heavily by emerging trends in fintech. In a recent podcast, Shannon Saccocia, Chief Investment Officer of NB Private Wealth, shared the unique challenges and opportunities in the private wealth space. Shannon explored how private wealth firms can differentiate themselves and meet client needs by leveraging technology.

Adapting to a unique private wealth environment

Not all private wealth firms operate in the same way. Unlike traditional banking, where relationships and narratives often follow a consistent approach, private wealth management requires a highly customised touch. Clients, whether they are families, individuals, or foundations, need solutions and information presentations that align with their distinct goals and perspectives. This bespoke service approach poses unique challenges, especially as technology becomes a game-changer in the industry.

Harnessing fintech for personalised service

The role of fintech in enhancing client relationships is indisputable. As Shannon pointed out, fintech allows advisors more time to focus on meaningful client interactions, rather than being bogged down by administrative tasks. This shift in focus stems from technological solutions that reduce the time spent on preparing reports and gathering data, thereby allowing advisors to deepen their relationships with clients.

Delivering customised solutions and analytics

Private wealth clients often come with complex portfolios requiring sophisticated solutions. Shannon discussed the need for technological tools that provide institutional-quality analytics. Such tools play a critical role in prospecting, oversight, and making better portfolio management decisions. The ability to offer tailored, analytic-driven insights to clients not only underscores a firm’s value proposition but also enhances the client experience overall.

The future ahead: Streamlining operations and meeting evolving expectations

Looking forward, Shannon anticipates continued growth in private wealth management, driven by the influx of clients who are technologically savvy and expect seamless service delivery. The challenge for wealth management firms lies in maintaining high standards of personalised service while also incorporating efficiencies typical of other financial services sectors.

As the private wealth sector continues to evolve, the integration of advanced fintech solutions will be essential in meeting the demands of a new generation of clients. Firms like Neuberger Berman Private Wealth are already paving the way by prioritising client-focused technology initiatives, ensuring they stay ahead of the curve while delivering exceptional service.

Listen to the podcast and explore the future of wealth and asset management with industry leaders at IMpower FundForum.