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What will drive wealth tech evolution in 2024?


On a related note, Rosen sees a sharpening focus on digitalization. It’s been years since the COVID-19 pandemic brought the world to a virtual standstill, forcing wealth firms to accelerate years-long timeframes for digital adoption into mere months, but the momentum from that historic pivot has yet to die down.

In its 2023 report, Broadridge found 28% of IT budgets at wealth firms were being allocated to digital transformation, up 11% from the previous year. And in spite of the economic headwinds blowing against them, wealth firms responding to Broadridge’s survey said they’re ramping up investment to stay competitive, with 55% identifying digital transformation as their most important strategic initiative.

“Most advisory firms will continue their journeys of digital transformation, which includes things in the backend like automating processes,” he says. “More importantly, firms are focusing on giving customers a much better digital experience, one which I’d like to think highlights what advisors bring to the table for their clients.

“There are advisors who are great at sourcing or recommending very specific investments or funds, and there are others who are great at financial planning,” Rosen says. “I think digital tools can do a lot to enhance those relationships.”

Another wealth tech trend to watch, Rosen argues, is the ability to aggregate clients’ information in one place. He sees several tailwinds driving that evolution, including the shift toward open banking and the industry’s increased emphasis on offering a more holistic and comprehensive view of advice.



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